VAT invoices updates

A new announcement of the State Administration of Taxation has recently taken effect. It simplifies the procedures related to value-added tax (VAT) invoices, including the procedure for the approval or loss of special VAT invoices.

The former method of manually inspecting old VAT invoices is not relevant anymore. A new procedure has been created for general taxpayer applying for the receiving and use of special VAT invoices. Under this new system, there is no need for tax authorities to conduct on-site inspection in advance when the invoice amount does not exceed CNY100,000.

Another interesting novelty is the simplification of formalities for the use of VAT invoices. For example, when taxpayers need to adjust the quantity of the use of VAT invoices, these formalities can be handled immediately if all relevant papers have been filled.t