On October 8, 2026, Sina Finance reported that ICBC Foshan successfully launched its first “reverse invoicing” project in the renewable resources sector. Through digital finance innovation, the bank has precisely addressed longstanding pain points in the resource recycling industry, injected strong financial momentum into the green, high-quality development of Foshan’s renewable resources sector, and marked a new breakthrough in the bank’s integrated “finance + taxation” services for the resource recycling industry.

Recently, ICBC Foshan successfully launched its first “reverse invoicing” project in the renewable resources sector. Through digital finance innovation, the bank has precisely addressed longstanding pain points in the resource recycling industry, injected strong financial momentum into the green, high-quality development of Foshan’s renewable resources sector, and marked a new breakthrough in the bank’s integrated “finance + taxation” services for the resource recycling industry.

The project addresses challenges faced by resource recycling companies when purchasing end-of-life products from individuals, including difficulties obtaining invoices and high tax compliance costs. Since individuals are often unable to issue VAT invoices themselves, recycling companies may have difficulty claiming input tax credits and lack supporting documentation for pre-tax deductions from corporate income tax. This not only increases their tax compliance costs but also constrains the industry’s standardized development. To address these challenges, ICBC Foshan has introduced an innovative, fully digital solution. Using the payment services of the Leqi joint-use platform, it supports the direct payment of taxes and fees in an individual’s name, enabling “payment upon reverse invoicing, invoicing upon tax payment, and tax payment upon remittance to the treasury.” This integrates the flows of people, invoices, and funds, and cross-checks transaction authenticity to effectively prevent the risk of fraudulent invoicing.

The project also offers two access options: the cloud service “Recycling Cloud” and API integration. These can meet the differing needs of small and medium-sized resource recycling companies and customers with existing platforms, helping businesses access functions including invoice quota allocation, reverse invoicing, advance tax calculation, tax remittance to the treasury, and red-letter invoice issuance and tax refunds.

Going forward, ICBC Foshan will continue to replicate and extend this successful model, deepen bank-tax collaboration and integration with business scenarios, and continually develop innovative financial products and services, contributing ICBC’s strength to the circular economy and the high-quality development of the real economy.