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
