Government and Policy
New general invoice system to start in 2011
By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2009-12-07 16:17
China will launch a new general invoice system in 2011 according to the State Administration of Taxation (SAT), cited by people.com.cn.
The SAT released the "Plan on the Unification of the National General Invoices" which promotes that the work starts this year end and makes next year a transition period during which both new and old invoices can be used. Only new editions will be allowed starting January 1st, 2011, the report said.
The existing invoices, with numerous types, bring inconvenience to tax payers and are easy to be faked, according to the SAT.
The new invoices include manual invoices and fixed invoices. Manual invoices have two face values of 1,000 yuan ($146) and 100 yuan ($14.6), while the face value of fixed invoices include one yuan (14.6 US cent), two yuan (29 US cent), five yuan (73 US cent), 10 yuan ($1.46), 20 yuan ($2.92), 50 yuan ($7.3) and 100 yuan ($14.6), the report said.
The government is encouraging using fixed invoices and putting restrictions on manual invoices.
