Basware Launches Solution to be Compliant with China Fapiao Regulations

Basware now offers a fapiao-compliant e-invoice receiving and validation solution.

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Basware now offers a fapiao-compliant e-invoice receiving and validation solution. Through its partner, Shanghai Yodoo Information & Technology Co., Basware can connect its network to the Golden Tax System, allowing for effortless validation of all local VAT invoices against the GTS interface.

“This milestone provides a huge sigh of relief for our customers because so many conduct business with China and have always struggled to efficiently process and validate fapiaos,” states Sami Nikula, Director Network Services, Basware. “This solution eliminates the burden for AP staff and allows them to uniformly process all their invoices, regardless of country of origin. Business dealings know no borders, so we have put the onus on ourselves to serve as the invoice regulation and compliance experts for our customers so that they don’t have to -- essentially enabling a ‘set it and forget it’ process. We are excited about the number of customers already interested in implementation.”

Per Basware:

  • The Basware solution adds China-specific functionality for the GTS validation step allowing customers to quickly and easily detect invalid invoices.
  • Basware P2P system significantly reduces AP staffs’ workload as users can easily route these invoices to the exception handling queue so that they aren’t inadvertently paid.
  • This Basware solution is also able to process the new special VAT e-invoice, which the State Taxation Administration of China piloted in 2020 and rolled out to the whole country as an option at the beginning of this year.