Invoice tax affairs sharing, which is based on the relying on invoice tax information management system, with the aims of avoiding the risk of tax affairs, optimizing the organizational structure, standardizing the pr...Invoice tax affairs sharing, which is based on the relying on invoice tax information management system, with the aims of avoiding the risk of tax affairs, optimizing the organizational structure, standardizing the process, improving the efficiency, reducing the operating costs and supporting the planning of tax affairs, is dedicated to providing internal and external customers with specialized, centralized and shareable management services of invoice tax affairs.展开更多
In recent years, with the accelerating digitalization of economy, the necessity for digitalizing tax administration becomes increasingly prominent. As a new technology based on digital information storage and processi...In recent years, with the accelerating digitalization of economy, the necessity for digitalizing tax administration becomes increasingly prominent. As a new technology based on digital information storage and processing, blockchain provides a new solution to digital tax administration, particularly given its tamper-proof feature. This article introduces the innovative application of blockchain technology in electronic tax invoice, including its management model and technical implementation method. It elaborates the breakthrough of the blockchain-based electronic tax invoice in digital management by focusing on the essential function and whole-process management of tax invoice as well as the value of data, and discusses the practical value and other applicable scenarios of blockchain technology in digital tax administration.展开更多
The use of renminbi for invoicing and settlement intermediaries in foreign-oriented activities is the first step and footstone of internationalization of the Chinese currency. With the appreciation of renminbi in rece...The use of renminbi for invoicing and settlement intermediaries in foreign-oriented activities is the first step and footstone of internationalization of the Chinese currency. With the appreciation of renminbi in recent years, there has been a growth of renminbi invoicing and settlement in China’s border trades, although the overall amount is small and the development momentum is imbalanced among different regions. The main obstacles come from such factors as VAT rebate policy restrictions and foreign exchange control, insufficient financial services, and under-cultivated willingness among enterprises. Looking from the strategic perspective of strengthening macro-adjustment and enhancing the open economy, it is pressing and would be beneficial to China to promote the renminbi’s invoicing and settlement function. Therefore, following the momentum, we should accelerate the construction of a cross-border renminbi clearing system, create non-discriminative treatment in terms of VAT rebate and exchange control policies, and gradually expand the usage of the renminbi from border trades to general trades and outward investment.展开更多
Since China introduced a new managed floating exchange rate regime in 2005, the persistent appreciation of the renminbi against the US dollar has led Chinese firms to reassess their choice of invoice currency among th...Since China introduced a new managed floating exchange rate regime in 2005, the persistent appreciation of the renminbi against the US dollar has led Chinese firms to reassess their choice of invoice currency among the dollar and other international alternatives to price their exports. The present paper performs a systematic invoice currency analysis by surveying the published literature, summarizing criteria for decision-making, and evaluating the choices available to Chinese exporters implementing currency invoicing strategies to maximize expected profits. This study finds that the euro could play an increasing role as the invoice currency of Chinese firms, although the US dollar will still play a dominant role. Chinese exporters might shift gradually from the dollar to the euro in the face of the falling dollar, balancing between the two by necessity.展开更多
文摘Invoice tax affairs sharing, which is based on the relying on invoice tax information management system, with the aims of avoiding the risk of tax affairs, optimizing the organizational structure, standardizing the process, improving the efficiency, reducing the operating costs and supporting the planning of tax affairs, is dedicated to providing internal and external customers with specialized, centralized and shareable management services of invoice tax affairs.
文摘In recent years, with the accelerating digitalization of economy, the necessity for digitalizing tax administration becomes increasingly prominent. As a new technology based on digital information storage and processing, blockchain provides a new solution to digital tax administration, particularly given its tamper-proof feature. This article introduces the innovative application of blockchain technology in electronic tax invoice, including its management model and technical implementation method. It elaborates the breakthrough of the blockchain-based electronic tax invoice in digital management by focusing on the essential function and whole-process management of tax invoice as well as the value of data, and discusses the practical value and other applicable scenarios of blockchain technology in digital tax administration.
文摘The use of renminbi for invoicing and settlement intermediaries in foreign-oriented activities is the first step and footstone of internationalization of the Chinese currency. With the appreciation of renminbi in recent years, there has been a growth of renminbi invoicing and settlement in China’s border trades, although the overall amount is small and the development momentum is imbalanced among different regions. The main obstacles come from such factors as VAT rebate policy restrictions and foreign exchange control, insufficient financial services, and under-cultivated willingness among enterprises. Looking from the strategic perspective of strengthening macro-adjustment and enhancing the open economy, it is pressing and would be beneficial to China to promote the renminbi’s invoicing and settlement function. Therefore, following the momentum, we should accelerate the construction of a cross-border renminbi clearing system, create non-discriminative treatment in terms of VAT rebate and exchange control policies, and gradually expand the usage of the renminbi from border trades to general trades and outward investment.
文摘Since China introduced a new managed floating exchange rate regime in 2005, the persistent appreciation of the renminbi against the US dollar has led Chinese firms to reassess their choice of invoice currency among the dollar and other international alternatives to price their exports. The present paper performs a systematic invoice currency analysis by surveying the published literature, summarizing criteria for decision-making, and evaluating the choices available to Chinese exporters implementing currency invoicing strategies to maximize expected profits. This study finds that the euro could play an increasing role as the invoice currency of Chinese firms, although the US dollar will still play a dominant role. Chinese exporters might shift gradually from the dollar to the euro in the face of the falling dollar, balancing between the two by necessity.
