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Golden Tax Adaptor for Mainland China : Invoices for VAT in China

Posted on January 24th, 2013 by Sanjit Anand ||Email This Post Email This Post

Do you know, laws in the People’s Republic of China require the use of a government certified tax software called ‘Golden Tax’ for VAT calculation, statutory tax reporting and generating and printing VAT invoices.

Golden Tax is an integrated nationwide value-added tax (VAT) monitoring system in China.

Golden Tax Adaptor enables Oracle’s customers in China to interface their invoices, credit memos and debit memos from Oracle Receivables/Oracle Fusion Receivables to the Aisino Golden tax software in order to calculate VAT, generate and print VAT invoices and report tax to the Chinese Tax authorities.

The user can use discrepancy and mapping reports to audit and reconcile the discrepancies in data between Receivables invoices and Aisino generated VAT invoices.

In China, VAT invoices are generated only for VAT, and not other types of tax that may appear on receivables transaction lines. Tax types identify the applicable VAT tax for each line of a VAT invoice for a given legal reporting unit.

You can use these tax types or create your own, according to your tax requirements. Different tax types are:

  • VAT: VAT for goods or services
  • VAT-GOODS: VAT for goods only
  • VAT-SERVICES: VAT for services only

This support for additional VAT invoice types – Special VAT invoices, common VAT invoices and special VAT Invoices of Waste and Outdated Materials .

The key steps in the Golden Tax process are:

  • Create or import transactions in Receivables.
  • Transfer receivables transactions to the Golden Tax Adaptor as Golden Tax transactions.
  • Modify the Golden Tax transactions to conform to the requirements of VAT invoices for China.
  • Generate a flat file of VAT invoice data for import into the Aisino Golden Tax System.

After the Aisino Golden Tax System generates VAT invoices from the Golden Tax Adaptor data:

  • Import VAT invoice data from the Aisino Golden Tax System.
  • Review and compare the imported VAT invoice data with the flat file exported to the Aisino Golden Tax System.
  • Correct any discrepancies between the two data files.

Further Reading. Goldan Tax

Posted in Localizations, Oracle E-Business Tax | No Comments »