How to deal with the loss of VAT invoices? Will there be a fine?
Generally, there is no fine, but the input tax cannot be deducted after 90 days, and the total amount of the available tax is included in the cost of goods in stock. VAT is a kind of turnover tax levied on the basis of the value-added generated in the circulation of goods (including taxable services). From the tax principle, VAT is a turnover tax levied on the added value of many links in the production, circulation and service of goods or the added value of goods. The implementation of tax beyond the price means that consumers will bear the burden. Only when there is value added, tax will be levied. No tax will be levied if there is no value added. VAT is a tax levied on the value-added realized by units and individuals who sell goods, provide processing, repair and replacement services, and import goods. VAT has become one of the most important taxes in China. The income of VAT accounts for more than 60% of all taxes in China, which is the largest tax. VAT is collected by the State Administration of Taxation. 75% of the tax revenue is from the central government and 25% is from local governments. The customs is responsible for the collection of VAT in the import link, and the tax revenue is all the revenue of the central government. Do you understand this explanation?
