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lettpublished on 25 March 2024 | reading time approx. 2 minutes
Unlike traditional paper invoices, e-invoices do not require assessment of the category of invoices, tax control equipment, or application for blank paper invoices. E-invoices could be issued online through the electronic service platform of the Chinese tax bureau in unified format. After issuance, the e-invoices will be automatically sent to the tax digital account of the purchaser and the seller, and their tax system will capture the invoice information accordingly. The invoices could be saved in the formats of XML, OFD, PDF and other layout files.
In the meanwhile, as invoice recipient, enterprises and employees can also obtain invoices through the network, which helps enterprises to effectively check invoices through online inspection platform and book the cost and expenses in a timely manner. In addition, with the help of an ERP and other management systems, e-invoice data may directly be interfaced with the accounting system, and processes such as bookkeeping can be simultaneously completed while importing data.
Furthermore, the process on issuing credit invoices is simplified. If the relevant e-invoice is not verified and booked by the purchaser, the seller can directly issue the credit e-invoice in full amount. If the e-invoice is verified and booked by the purchaser, both seller and purchaser can initiate the procedures of application for issuing credit e-invoice.
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