However, the VAT integration module only Accepts those invoices which are posted in CNY(Local) currency. The system throws error if user tries to post Sale Invoice in Other currency.
Our customers in China explained that even for Foreign currency they would need to push Invoices in VAT Integration module which is also a requirement when file is exported from D365 FO so that it can be uploaded on Govt recommended system "Golden Tax" to generate GUI Invoice for Customers.
Please develop this functionality in Microsoft D365 FO to make enable to customers to utilize the application.
Comments
Ernst & Young, Worldwide VAT, GST and Sales Tax Guide 2021 (page 312):
"Foreign currency invoices. VAT invoices are issued and printed through the Golden Tax System (GTS) – a tax control system connected to the database of the tax authorities. VAT invoices in China must be issued in Chinese yuan (CNY). Where a taxpayer settles the sales amount in any currency other than CNY, the average CNY exchange rate on the date the sales amount occurs or on the first day of the current month may be used at the discretion of the taxpayer. The tax payer shall decide in advance on a conversion rate and may not change it within 12 months once such a conversion rate is determined."
I suggest to reconsider this idea to ensure, VAT applicable invoices in foreign currency can be processed.
Thanks,
Jorg Meyer
Category: Globalization - Regulatory features
Olga Oskina (administrator) on 4/23/2022 12:15:56 AM
Thank you for sharing your idea.
We haven't heard this from other customers, yet, and this hasn't got enough votes for further consideration. For the foreseeable future, we are not considering the suggestion but if you find more customers that ask for the same scenario, please keep sharing the insights.
We do appreciate your feedback and hope you'll continue to submit ideas for improvement in the future.
Sincerely,
PM, Olga Oskina
Microsoft.