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
Latest Posts in "China"
- Trickiest countries in which to achieve compliance
- China Lowers Luxury Car Tax Threshold to CNY 900,000, Expanding Tax Scope from July 2025
- China Revises VAT Rebate Policy 2025: Full Refunds for Key Industries, Partial for Others
- China Clarifies Tax Reporting Rules for Digital Platforms, Effective October 1, 2023
- France Cracks Down on Chinese E-Commerce Giants with Fines and Regulations
