For a long time, the issue of “source invoices” has been hindering the development of waste resource recycling enterprises. Linyi Qitai Rubber Co., Ltd. is a waste resource recycling enterprise that uses waste rubber as raw material to manufacture rubber products, with an annual production capacity of 50,000 tons of regenerated rubber and rubber powder.

“A considerable part of the waste rubber recycled by our company comes from individuals. Most of these individuals do not understand tax policies and are unwilling to ask tax authorities to issue invoices on their behalf,” said Wu Jun, the financial person in charge of Linyi Qitai Rubber Co., Ltd. “The difficulty in obtaining invoices for ‘source invoices’ has led to the fragmentation of the input VAT deduction chain, the loss of invoices for enterprise income tax cost expenses, and increased the tax burden on enterprises.”

In order to remove bottlenecks and pain points in waste resource recycling and promote the standardized development of the entire industrial chain, the State Taxation Administration Linyi Lanshan District Taxation Bureau has formed a 7-member expert service team to deepen the promotion of the “three-flow integration” reverse invoicing policy among waste resource recycling enterprises.

After the “three-flow integration” reverse invoicing service was launched, waste resource recycling enterprises can issue invoices through an online payment platform. With only a few simple steps, the system automatically completes smart calculation of natural persons’ payable taxes, warehousing and payment information auto-fill for invoicing, and natural persons only need to “scan” to complete collection and tax payment.

Wu Jun, the financial person in charge of Linyi Qitai Rubber Co., Ltd., said: “Through the ‘three-flow integration’ reverse invoicing process, the integrated platform can complete real-time tax payment and invoicing, eliminating the need to entrust agents to handle declarations, and no longer requiring individual verification of tax declarations. This reduces the company’s financial accounting costs, tax costs, and custody costs, bringing great convenience to the company.”

Next, the Linyi Lanshan District Taxation Bureau will continue to increase its efforts to promote the “three-flow integration” reverse invoicing policy, enabling more enterprises to experience the speed and convenience of “three-flow integration” reverse invoicing, further smoothing the resource recycling chain, giving full play to the “positive effect” of tax policies, and driving the construction of a low-carbon circular economy system to a new level.