In most countries, you get a receipt or an invoice when you purchase a product or service. It’s the same in China, you get aFapiao (发票).However, it’s not only a receipt as it serves a greater purpose. So, what is a Fapiao and will you get one from paying tuition fees for ...
In China, use of the Unified Social Credit Code has become almost universal, and we are finding the code being displayed on a wider and wider range of company certificates. The most striking example is on China's system of legal receipts, "Fapiao", which requires the code to be displayed...
Either way, an officialfapiao, or official statement of payment including tax record, is needed in order to put the costs under the company. That makes it almost impossible to buy an international plan and get reimbursed from your company in China. Private Insurance What is private insurance?
VAT, or value-added tax, is one of the major indirect taxes levied in China. Rates range from six to 13 percent for general VAT taxpayers. VAT credit is the overpaid input VAT at the end of each taxable period when the input VAT exceeds the output VAT. Previously, the period-end uncre...
Every business manager and entrepreneurs running a company in China has had to deal with the infamous VAT fapiao. Misunderstanding the VAT rules is the quick way to get in trouble with the local taxman.Here’s what you need to know to be on the safe side… ...
While having a contract chop is not a statutory requirement, this chop can serve in place of the company chop when used for contracts. The contract chop grants less authority than the company chop, making it useful for delegating authority. Invoice (fapiao) chop The invoice chop is mandatory ...
E-commerce platforms require an official VAT invoice (fapiao) to be able to pay you. And to get that, your brand needs to have a legal entity in China. If not, you might need to find a trading company, which could be costly and sometimes risky if you do not have any connections in...
Following the recent developments in China regarding the Pilot Program for e-Invoicing, which was expanded to new provinces and cities in November 2023, the last province of Tibet has now implemented issuing fully digitalized electronic invoices (e-fapiao) for selected taxpayers. The State Taxation ...
The nationwide system to share tax information across jurisdictions is called the Golden Tax System, and there have been several iterations of it since its initial introduction in the 1990s. It first focused on valued added tax and the authentication of fapiaos (itself a fascinating and confusing...
The e-fapiao is a fully digital invoice legally recognised under China’s Regulations on Invoice Administration. They exist only in digital form and are issued as single-copy documents. Each e-fapiao includes a unique 20-digit identifier containing the calendar year, regional tax authority code, ...