Posted - 07/03/12 | 0 Comments

When invoicing becomes a lottery – with a fortune at stake!

Question: How do you ensure that invoices are always requested – and issued?

Answer:
Include a cash incentive!

OK, so it’s not something that’s usual within the UK. But back in 1951, the authorities in Taiwan had a brainwave over how to boost tax revenues.  Every invoice (receipt) issued by companies with a monthly turnover of NT$200,000 (USD $6,200) would also double up as a lottery ticket. The “Uniform Invoice Lottery” was born.

The people loved it. And the idea paid massive dividends. Apparently, the Ministry increased their tax yield by an astonishing 75 per cent. Everyone wanted an invoice!

And today it’s still going strong. The lottery takes place on the 25th of every odd-numbered month – with a live TV show. Vast audiences watch at home to see if the magic balls selected match the numbers on their invoices.

And now the lottery is entering the e-invoicing age – with rewards that are even bigger.

The government reckons that if eight billion paper receipts could be replaced with e-invoices, then 80,000 trees could be saved. But once total e-invoicing becomes the norm in 2013, then total processing savings could amount to over NT $120 billion (US $4 billion). A colossal jackpot indeed!

There’s been an amusing twist in the Uniform Invoice Lottery story in the past few weeks, according to reports. A supermarket customer won NT $10 million (approx US$339,000), thanks to the invoice they got from buying a loaf a bread.

However, another shopper missed out by one digit – by being in the wrong place in the queue. He shared his misery on Facebook, bemoaning his near-miss at the till, losing out to the fortunate person in front. Another online poster commented: “If I knew I would have cut in line, no matter what.”

Surely, invoices have never aroused such passions before!

Add a comment

BACK TO TOP
Get Started Now Take The Tour

Alternatively you can Call us on 0808 168 4677