Following the recent announcement by ZATCA (The General Authority of Zakat and Tax) on November 17, 2023, through Umm Al Qura issue No. 5007, the 9th wave of taxpayers has been identified for implementing Phase 2 of e-invoicing. This wave now includes taxpayers whose taxable revenues exceeded SAR 30.00 Million during 2021 or 2022.
If you meet the specified criteria, you are required to integrate your e-invoicing solutions with the FATOORA platform offered by ZATCA. This integration process must begin no later than June 1, 2024. Additionally, you must create designated fields within your database and tax invoices to facilitate smooth integration and compliance. Your tax invoices should be generated in either XML format or PDF/A-3 format with embedded XML.
We share a concise overview of the sequence of target groups and significant timelines:
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“In light of the rapidly evolving landscape of business transactions and digital economies, it has become imperative for businesses in the Kingdom of Saudi Arabia (KSA) to embrace e-invoicing as a transformative tool. E-invoicing not only streamlines financial processes but also significantly enhances operational efficiency. By automating invoicing procedures, businesses can reduce manual errors, accelerate payment cycles, and optimise resource allocation."
Adel Daglas, Head of Tax
Grant Thornton, Saudi Arabia
