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China's Fapiao (Invoice)Posted by setupcompany on November 9th, 2017 Without exception, our clients after freshly incorporated his WFOE, Joint Venture or Representative Office in China, nearly all of them have questions regarding China’s Fapiao. The changing policy about Fapiao, making it even more blur. Business China will help you to clear up China’s Fapiao (Invoice) system briefly. Fapiao(Invoice)
Fapiao is a Chinese characteristic, which does not exist outside of China. In China, all business transactions are required by law to be recorded on an official receipt, which called Invoice (“Fapiao” in Chinese). Fapiao must be printed on official receipt applied from the tax authorities, otherwise the business transaction will not be recognized by the tax authority. Hence, the company will be unable to use the expense for tax refund or deduction. Inside the company, an employee must submit official Fapiao under company name to declare expenses for reimbursement. Please aware each company is also required by law to implement business within business scope, so as the issue of fapiao.
Fapiao can be divided into two types of Fapiao--- General fapiao and special VAT (value-added tax) fapiao. Only the latter can be used for tax deduction and can only be applied from the general tax payer (status). Each establishment will be Small-Scale Taxpayer when it established at once, Business China can help you to apply for General Tax Payer, also called General VAT Taxpayer Status based on your business field.
Special VAT Fapiao (Invoice) Company can apply for Special VAT Fapiao (Invoice) as a General VAT Taxpayer for commodities or services covered by VAT to customers. Please aware that a Special VAT Fapiao (Invoice) contains three copies for the purpose of bookkeeping, deduction and invoice usage respectively.
New VAT Invoice Announcement Issued on May 19th ,2017
To further strengthen the VAT Invoice management and protect the legitimate rights and interests of taxpayers, China national tax bureau issued VAT invoice related announcement.
What other detailed help Business China could offer? Business China has a great experience in helping foreign investors to set up business entities and we also offer post-incorporation related services in China and abroad. If you need tax and accounting related service, such as monthly accounting service, company annual renew & auditing, invoice issue service or other related services, don’t hesitate to contact us.
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