The Chinese tax authority has granted the right for small tax payers in key sectors to the right to issue sales invoices without seeking prior approval via the Golden invoice regime.
The new easement of the invoicing requirements will apply to companies with annual sales below CNY 90,000 per quarter.
China’s Golden Tax System in a state-controlled platform for approving and issuing sales invoices for tax payers to use. Sales invoices not issued through GTS cannot be submitted in VAT returns are therefore ineligible for tax deduction. The regime was created to combat VAT fraud.
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VP Global Indirect Tax
Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.