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 iteration of the current system that includes significant new features in addition to the new Fapiao System. The government is currently in contact with businesses to launch a pilot project for the government’s e-fapiao declaration. We examine every aspect of both the existing system and the new features that the China Tax Bureau has announced.
Source: edicomgroup.com
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