During adoption of phase 1, businesses will need to ensure that all invoices are developed and stored electronically. Businesses will need to ensure their internal operating model is agile and adapted accordingly, along with ensuring the relevant resources across Finance and Technology are trained and educated on the necessary regulatory requirements.
Furthermore, phase 2 which takes effect from 1 January 2023, will require businesses to integrate their systems with those of ZATCA. Invitations will be issued to businesses by taxpayer group and an initial alert will be provided 6 months ahead of the integration deadline.
We share a summarised insight of the regulations, along with how the team at Grant Thornton can support you to remain compliant.