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EventsUpholding the guiding ideology of using the association as a platform, centering on member units, and taking industry development as our responsibility, we fully leverage the initiative of the association to create a fair, transparent, and efficient industry organization led by the enterprises.
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MembersUpholding the guiding ideology of using the association as a platform, centering on member units, and taking industry development as our responsibility, we fully leverage the initiative of the association to create a fair, transparent, and efficient industry organization led by the enterprises.
CPMIC liaises with authorities ahead of platinum and palladium futures delivery.
Release time:
27 Apr,2026
The long-awaited platinum and palladium futures contracts will see their inaugural physical delivery this June. To guarantee a glitch-free delivery cycle, Bian Jiang, Director of the China Precious Metals Industry Committee (CPMIC), paid visits to the Guangzhou Futures Exchange and multiple approved delivery brands. His onsite visits aimed to review real-time operational statuses, pinpoint pain points for market participants, and align on core measures to ensure smooth delivery execution.
All 12 surveyed enterprises confirmed stable running conditions. Having weathered extreme price swings late last year, firms now boast much stronger grasp of futures and derivative trading mechanisms, hold ample stockpiles, and expect zero operational hitches during delivery.
On-the-ground surveys also revealed severe invoicing bottlenecks across the sector, with reverse invoicing procedures posing the steepest hurdles and dragging down regular business activity. CPMIC will launch a full-scale fact-finding mission, collate comprehensive supporting materials, and formally escalate industry-wide struggles to the State Taxation Administration. Regulators are cracking down on invoice arbitrage practices under legal frameworks; given precious metals’ ultra-high unit values and massive invoice transaction sizes, the invoicing crisis bears outsized repercussions—justifying a thorough special report submitted to fiscal and tax regulators.
Beyond this priority challenge, CPMIC will host a precious metals work conference in late June. The forum will gather member enterprises to brainstorm viable remedies and roll out a concrete implementation roadmap for lingering industry issues.
Curbing Invoice Arbitrage Practices
The State Taxation Administration has rolled out a revised positive and negative compliance checklist for invoicing.
Attachment:To steer taxpayers toward lawful invoicing, curb fake invoicing, tax evasion and other violations, protect taxpayers’ legal rights, and uphold a fair, standardized fiscal and tax ecosystem, we hereby publish this compliance Q&A alongside the positive-negative checklist for regulated invoice issuance.
Q: Existing laws and rules lay out clear compliance standards for taxpayer invoicing. Even so, non-compliant invoicing remains prevalent in real-world operations. High-risk industries face acute problems including fake invoice generation, refusal to issue invoices, incorrectly filled invoices, and obstacles securing legitimate incoming invoices—undermining national fiscal and tax order. What benchmarks define lawfully issued invoices?
A: An invoice is the official receipt and payment document generated and exchanged for merchandise sales, service provision/receipt, and all other commercial dealings. Within tax governance, invoices function as critical documents: VAT deduction slips, corporate income tax pre-deduction vouchers, and settlement paperwork for land appreciation tax. Robust invoice compliance oversight stands as a cornerstone of effective tax administration.
Per regulatory stipulations, any entity or individual selling goods, supplying services or conducting other commercial activities must furnish an invoice to paying clients upon receiving payment. Invoices must be filled out completely, accurately and uniformly across all copies, following mandated timelines, serial order and standard form fields. Compliance of an invoice can be evaluated systematically across four dimensions:
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Validity of invoicing and receiving parties Both issuers and recipients must possess bona fide operational capacity. Full alignment must exist between the contracting party, goods/services provider, fund recipient and invoice holder. Only tax staff completing real-name identity verification may generate invoices.
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Authenticity of underlying business activity Transactions recorded on invoices must be genuine, commercially rational and consistent with standard industry practices. The core “four-flow alignment” rule (contract flow, goods/service flow, capital flow, invoice flow) must be upheld as a fundamental requirement.
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Accuracy of invoice data fields Invoice format and tax coding must match transaction nature and taxpayer category. All mandatory fields need precise entries mirroring actual business details. Red-letter invoices require strict procedural compliance and complete backup documentation.
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Timeliness of invoice issuance Invoices shall be issued immediately upon revenue recognition for completed business transactions, in strict adherence to the Invoice Management Regulations and their implementing rules.
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