- China’s State Taxation Administration announces nationwide rollout of optional digital electronic invoices starting December 2024
- Digital invoices to have same legal status as paper invoices
- Applicable to various categories including VAT invoices and transport tickets
- Digital invoices to feature unique 20-digit identification numbers and detailed transaction information
- Categories covered include VAT special invoices, ordinary invoices, air and railway electronic passenger tickets, and motor vehicle and second-hand car sales unified invoices
- Digital invoices will include details like invoice name, number, date, buyer and seller information, unit, quantity, price, total amount, tax rate, and tax amount
- Unique 20-digit number includes year, regional code, issuing channel, and a sequential code
- STA to establish a regulatory framework and national electronic invoice service platform
- Platform will manage invoice quotas based on tax risk levels and business conditions
- Digital invoicing remains optional, marking the end of a pilot project and a step toward full electronic invoicing integration in China’s tax system
- Transition aimed at improving operational efficiency and supporting digital transformation in the economy
Source: fiscal-requirements.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.
