Latest E-Invoicing Regulatory Updates for China
China is progressing in digitalizing accounting and tax processes
The Chinese Ministry of Finance recently published the Notice on Promoting the Application of Electronic Voucher Accounting Data Standards, a leap toward digitalizing financial and accounting practices. This builds on the progress made by the pilot program initiated in 2022, representing a nationwide rollout of standardized digital accounting processes.
National rollout of fully digitalized e-fapiao set on 1 December 2024
The State Taxation Administration (STA) in China has officially declared the roll-out of the nationwide fully digitalized e-fapiao, starting 1 December 2024.