Hong Kong and E-invoice
Hong Kong is at an advanced stage with its free-market, IT standards, robust regulatory system, and document standards.
In Hong Kong, the government has created a Digital 21 plan to strengthen the information infrastructure. In collaboration with 12 other private organizations, it financed Tradelink Ltd, which provides e-commerce services to nearly 70,000 companies in Hong Kong. In this regard, Customs entry service in paper form has ended since 2000. All declaration documents are sending electronically. To increase the use of e-invoices, the government has reduced the cost of sending electronic documents. Existing Customs entry application procedures are now 95% electronic. All documents are provided with authorized electronic authentication service licenses, electronic signatures, and encryption functionality. It then transmits freely within the network.
Through the Tradelink-eBiz Portal, import-export trade declarations, taxable commodity permits, freight offer service, shipment management solution, and many other commercial business and transactions can be easily carried out by suppliers and customers in the position of buyers and sellers. In the customer service section of the portal, it is possible to query customer-invoice information and access commonly used forms.
Hong Kong strives to implement e-invoicing because of its benefits to national and international business. In this respect, factors directly related to the use of e-invoices have a developed industrial basis. According to a study by Atradius, in 2018, more than half of Hong Kong companies used electronic invoicing for B2B (business-to-business) transactions. However, an e-document exchange between public institutions is often. Almost all government documents are authorized electronic authentication and the option to sign and publish electronically.