China sets to escalate its VAT e-invoicing practice to a nationwide scale by the end of 2022, after wide-ranging trials in Shanghai, Guangdong and Inner Mongolia provinces early this year.
To cope with the new practice, the official online VAT system (called the “Golden Tax System”), is launching its phase-VI version by the end of this year; set to become accessible to all taxpayers and industries by 2025. The whole VAT e-invoicing programme will progress in two stages: issuance and receipt.
Source WTS
Latest Posts in "China"
- China Exempts E-commerce Export Returns from Import Duties and VAT in 2027
- China Provides Detailed Rules on VAT Treatment of Long-Term Assets
- China Expands VAT Scope and Lists 9% Rate Goods and Services Effective January 2026
- China Issues New VAT Input Deduction Rules Covering Vehicles, Transport, Restructuring, and Tax Timing
- China Launches Zero-Tariff Policy for Hainan Free Trade Port Residents on Imported Goods
