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Invoice system in China

  • Journal of International Business Transactions Law
  • Abbr : IBT
  • 2017, (18), pp.1-29
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law > Private Law > International Commercial Transactions Law

LEE OONGYOUNG 1,  최성희 2

1중국 정법대학교(中国政法大学)
2중국칭화대학교

Candidate

ABSTRACT

Chinese invoice is not only the original basis of accounting, but also an important basis for tax authorities to carry out law enforcement inspection; and so it occupies an important role in commercial transactions. However, in carrying out accounting settlements, illegal invoices are traded and even fake invoices get circulated. As a result of these issues related to the invoice, the Korean enterprises in China undergo many difficulties. This article through the investigation and analysis of the Chinese invoice system provides basic information about the relation of the Chinese invoice system to the Korean enterprises in China. It also provides comparative data to Korean academic scholars and the relevant administrative departments. This paper introduces the general invoice system, the VAT invoice system, the network invoice system and the electronic invoice system. China started out with paper invoices, then went through the network invoice system, and now it implements the electronic invoice system. China's invoice system has reached a stable stage of settlement through extensive research and trial and error, to ultimately have most invoices as electronic invoices. The electronic invoice system is a favorable system for taxpayers to reduce costs, reduce the risk of lost invoices, and reduce tax errors due to the availability of fast and accurate tax data for tax authorities; improving the transparency of tax sources and saving tax cost. In addition, this system should be actively promoted in terms of environmental protection issues. Although, with the tax authorities having a wide range of personal information about individuals and corporations, there is concern that government agencies may misuse that information and control individuals. Therefore, when China enacts laws on electronic invoices, it is necessary to establish a protection plan for personal information.

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