China is actively promoting electronic invoicing as a fundamental aspect of its tax reform strategy. Starting in 2020, the China Tax Bureau (CTB) has required new taxpayers in the country to adopt the Golden Tax System or Fapiao System, a B2B electronic invoicing system. Participation in the system is voluntary for other taxpayers.
E-invoicing is now mandatory for new taxpayers in both the B2C and B2B sectors, as well as for companies invited by their regional tax authorities. The government’s aim is full digitization of invoice management, converting all paper invoice information into digital format and enabling document lifecycle tracking. This reform unifies multiple invoice types into a single electronic format, which holds the same legal validity as the current paper “fapiao.”
During the transition period, both paper and electronic invoices will coexist, but the plan is to phase out paper invoices by the end of 2024. By 2025, China aims to fully transition to a completely digitized electronic invoicing system (FDEI).
Contents
- Golden Tax System III
- Natural System
- How does electronic invoicing work in China?
- China’s Electronic Invoice – e-Fapiao
- Types of e-Fapiao
- e-Fapiao: Provinces Adhering to the Golden Tax System for Electronic Invoice Issuance
- EDICOM’s e-Fapiao Solution – China Golden Tax System
Source Edicom
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