#ASP INVOICING CODE#

The term “fapiao” can be translated as invoice in China, but it also describes official invoices that are administered by the tax authorities and are intended to serve the system for tax tracking. These include the NTS (E-Sero Portal) system, ERP system (direct integration), Application Service Provider (ASP), or telephone or the tax office. Thereafter, the supplier has four different methods to issue electronic tax invoices. HOW: before issuing an electronic invoice, the supplier must be authenticated and registered with the National IT Industry Promotion Agency (NIPA) for the system used to issue and transmit the electronic invoice.

WHAT: the obligation includes invoices, amended invoices (credit notes and debit notes) covering B2B, B2G, and B2C transactions (under certain circumstances) Cross-border transactions are excluded. An issued e-tax invoice must be transmitted to the NTS within one day of its issue WHEN: The system has been in operation since 2011. $250,000) or more are affected by the digitization of VAT invoices. All companies and individual taxable persons with a turnover of KRW 0.3 billion (approx. South Korea is considered the leader in e-invoicing in Asia because its system has been running successfully for many years. With this, India is also laying further foundations for potential B2B automation and the advancement of e-invoicing in Asia. The Indian government has also launched the Simpol initiative, which aims to establish standards and protocols for a seamless flow of invoice data from one company to another. Government sources have also announced that the existing e-Waybill procedure is to be replaced in favor of the e-invoicing system.

#ASP INVOICING CODE#

HOW: A unique IRN and WR code is assigned when approving the invoice data, which must always be provided when issuing the paper, PDF, or JSON invoice WHAT: Invoices, credit notes, debit notes for B2B and B2G transactions, including exports, must be digitized According to the Billentis report from 2021, this will only apply to companies with annual sales of more than 500 crores (EUR 58 million) and will apply to all B2B transactions nationwide from April 1, 2021 WHEN: From January 2021 onwards, there will also be an e-invoicing obligation for B2B transactions.

Although the deadlines have been postponed in the meantime also due to the Corona Pandemic, the obligation to use electronic invoicing for B2G transactions has been in place since October 1, 2020. In India, the first consultations to discuss an e-invoicing system began as early as August 2019 and were first published in December 2019.

Asp invoicing