China has made a firm commitment to e-Invoicing as the backbone of its taxation model reform. As of 2021, China Tax Bureau (CTB) has imposed on new taxpayers in the country the adoption of the new e-Invoicing system called Golden Tax System or Fapiao System. All other taxpayers may join voluntarily.
In parallel to the new Fapiao System, China has announced the launch of a second version of the current system, with important new features. So far, only the development of a couple of broadcast and reception pilot projects has transpired. We analyze all the current system’s details and the new developments announced by the China Tax Bureau.
Source: edicomgroup.com
