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China is progressing in digitalizing accounting and tax processes

||China
China

The legislation, published on May 19, 2025, introduces and outlines standardized processes for handling financial and accounting data in electronic vouchers. The electronic vouchers supported include:

  • VAT e-invoices;
  • E-receipts;
  • Transportation tickets;
  • Fiscal electronic bills, and more.

 

The vouchers must be in structured formats such as XML (Extensible Markup Language) and XBRL (Extensible Business Reporting Language), allowing for automated processing, which entails that the data must …

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