Value-added tax (VAT) is an indirect tax applied to the sale of goods and provision of services. In 2016, all sectors of the People’s Republic of China were unified into the government VAT system, while various VAT rates were implemented on a sector by sector basis. VAT unification stands to decrease the payable VAT and…
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In China, the invoice — or fapiao (发票) — is an essential component of the State Administration of Taxation (SAT). In accordance with the Administrative Measures of the People's Republic of China for Invoices (revised in 2010), invoices refer to the certificate of payment or receipt of money made or received in purchases and sales…
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