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With less than 16 days remaining to e-invoicing becoming mandatory in Saudi Arabia, the Zakat, Tax and Customs Authority (ZATCA) have provided further clarity to the applicable penalties which will be enforced for any non-compliance with the e-invoicing regulations.

In December 2021 Saudi Arabia will make electronic invoicing mandatory for all in country taxpayers. The implementation of the electronic invoicing system, named “FATOORAH” will commence on December 4th and will be implemented in two phases. Phase One will commence from 4 December 2021 and will focus on e-invoicing generation and saving enforcement, with Phase Two commencing from 1 January 2023 aimed at integration enforcement which will be implemented in phases. We share insights of Phase One.

Eight of the 13 monitored mid-market industries returned to positive health in H1 2021, as assessed by Grant Thornton’s unique Global business pulse, compared with just two in H2 2020. And the spread of index results narrowed markedly, as more industries enjoyed the benefits of the overall mid-market recovery. Among the biggest industry movers, transport jumped 10.4 points into positive territory to 0.7, while healthcare and manufacturing rose 6.6 points, both also returning to positive ground.

Grant Thornton’s unique Global business pulse index has tracked performance of several industries between 2020 and the same period in 2021. The overall healthcare industry index score turned positive in H1 2021, climbing nearly 7 points to 1.6, which is higher than the global average. The outlook rose by a robust 12 points to 52, above the pre-pandemic level of 51. This was driven by a strong rebound in optimism, shooting up 27 percentage points (pp) to 65%, following a sharp fall in H1 2020 and only modest improvement in H2.

Grant Thornton’s unique Global business pulse index has tracked performance of several industries between 2020 and the same period in 2021. After showing strength in H2 2020, the financial services (FS) industry index declined 2 points and remains in negative territory at -5.3. Supply and demand constraints dragged on the overall FS industry, despite a sharply improved outlook rising to 62, close to the record high of 64 in early 2017.

Grant Thornton’s unique Global business pulse index has tracked performance of several industries between 2020 and the same period in 2021. The telecoms, media and technology (TMT) industry turned positive in H1 2021, with the index marginally above the global average. The outlook in the sector surged to a record high of 67, driven by positive investment intentions and conditions. Conversely, restrictions worsened 9 points owing to rising concern about demand and supply constraints. The media sector was the most pessimistic in outlook.

Reforms to the international tax framework have been debated and discussed at length in recent years. On 5 June 2021, the G7 published a statement setting out a high-level political agreement on such global tax reform. We now look at the potential impact on the technology industry.

Technology played a critical role in mitigating the impact of the virus. Whether helping employees to perform their jobs or providing a platform for fulfilling products and services, technology enabled new ways of doing business. However, looking to the future building resilience through digital transformation requires balancing short-term necessity with realising the long term opportunity.

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