Starting from 21 January 2021, China has taken the step of allowing the issuance of ‘special’ VAT e-invoices to strengthen tax compliance. Under the new rules, taxpayers must input invoice data into tax authority systems and obtain a unique code before an enterprise can issue a valid business-to-business (B2B) VAT invoice for which the counter-party can claim a VAT input credit; referred to as a ‘special’ VAT invoice.
Source: thepaypers.com
