Company News

Aisino Wins Bid for Sinopec’s VAT Income Invoice Data Service Project

On October 30, Aisino Corporation (Aisino) successfully won the bid for the VAT income invoice data service project of China Petroleum & Chemical Corporation (Sinopec).

Sinopec is one of the largest integrated energy and chemical companies in China. It is also the first large state-owned group enterprise in China to practice financial sharing. Aisino actively adapts to the requirements of Sinopec Corp. to build a shared financial (tax) management framework and applies cutting-edge technologies such as information security transmission, big data and intelligence to open the access to including VAT-related accounting items into the range of financial sharing. Upon completion of the project, Sinopec’s VAT management system and VAT income invoice library will be rolled out synchronously to support the massive VAT income invoice certification, check, reconciliation, accounting and inspection services of the full business of Sinopec (covering the whole industrial chain of the Group including oil and gas exploration, production, storage, transportation, refining and sale). It is expected that the data usage level of invoice management will be greatly improved and the operation quality and efficiency of financial sharing center significantly enhanced.

The successful bidding is another major achievement of the business expansion of CASIC after Aisino provided VAT sales income paper- electronics integration solution for Sinopec in 2016. Aisino maintains a leading position in the integration solutions of multiple kinds of VAT invoices and income and sales involves. In the future, Aisino will continue to provide better overall solutions for the clients of CASIC and contribute to the reform of the state tax system.

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