KSA, 29 April, 2024 : The Zakat, Tax and Customs Authority (ZATCA) has outlined the criteria for selecting taxpayers in the eleventh wave for implementing the "Integration Phase" of E-invoicing. This wave encompasses all taxpayers with VAT revenues exceeding 15 million Saudi Riyals during 2022 or 2023.
Targeted taxpayers in this wave will be notified to integrate their e-invoicing solutions with the FATOORA Platform by November 1, 2024. Phase Two of E-invoicing, compared to Phase One, entails additional requirements such as integration with ZATCA's platform, issuance of e-invoices in a specific format, and inclusion of additional fields.
The Integration Phase will be rolled out gradually in waves, with ZATCA informing subsequent waves at least six months before their Integration Date. This initiative aligns with the Kingdom's economic development and digital transformation, building upon the success of Phase One, which notably enhanced consumer protection.
Phase One of E-invoicing, introduced on December 4, 2021, mandated taxpayers to cease generating handwritten or computer-generated invoices via text editing software. Instead, they must adopt compatible technical solutions for generating and storing e-invoices with required fields, including QR codes.
Source : www.zatca.gov.sa
Related Posts
Why your two returns must tell the same story, and how to reconcile them before the FTA asksYour Co...
Read More
Core topic: Why the connections between accounts, transactions and business activity can reveal fina...
Read More
When everything looks legitimateA company is registered. Contracts are prepared. Documents are signe...
Read More