- China’s State Taxation Administration will allow voluntary use of digital electronic invoices nationwide starting December 1, 2024
- Digital invoices will be legally equivalent to paper invoices
- Categories of digital invoices include VAT special, ordinary, air transport, railway tickets, and motor vehicle sales
- Digital invoices will contain details like invoice name, number, date, buyer and seller information, quantity, price, tax rate, and total tax
- The digital invoice number will be 20 digits long, incorporating the year, regional tax code, issuing channel, and a sequential code
- Authorities plan to create a national electronic invoice service platform to manage digital invoice issuance
- Taxpayers will receive a specific invoice quota via this platform, adjusted based on various tax-related factors
- Adoption of digital invoices is optional, marking a transition from the pilot phase to broader implementation
- This move aims to enhance administrative efficiency and support the digital transformation of the economy and society
Source: sovos.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
