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Commentary

Foreign currency (China)

9 China

In China, there are two types of VAT invoices: special VAT invoices and general VAT invoices.

Special VAT invoices, which are used to claim input VAT credit, are highly regulated in China. These invoices must be printed on special paper purchased from the Chinese tax authorities. The data is then transmitted to the tax authorities' system when the invoices are issued. Nowadays, China

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