Are you ready for the special VAT e-invoicing of China?
Digitalizing the government services is imperative, whereas special VAT e-invoicing plays a significant role
Administered by the State Administration of Taxation, Value added Tax (VAT) is the major source of fiscal revenue in China. With the recent expansion of the e-special VAT invoices pilot to all newly established taxpayers nationwide, it is widely expected that in 2021, the authorities will push special VAT e-invoicing to all existing taxpayers nationwide. Maintain flexibility while improving management transparency is a challenge as well as an opportunity for all enterprises.
CFOs and Tax Directors should be prepared for the impact on their existing procedures, ERP systems, labour force arrangements as well as the benefits rooted in the centralization of VAT invoice issuance. Or perhaps taking it to the next level -why not unlock the potential from tax shared services and supply chain alignment?
Conduct a self-diagnosis and read more about Deloitte's special VAT e-invoicing services.