The Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia announced the criteria for the ninth wave of e-invoicing integration for resident taxpayers. Here's what taxpayers need to know:
• Threshold for Integration: Resident taxpayers with taxable revenue exceeding SAR 30 million in VAT returns for 2021 or 2022 are required to integrate their e-invoicing systems with ZATCA for e-invoice and note clearance or reporting.
• Integration Timeline: Scheduled to go live on the ZATCA Fatoora Portal from June 1, 2024, this gives affected taxpayers at least six months to ensure compliance with the integration phase requirements.
• Formal Notifications: ZATCA will formally notify selected taxpayers about the ninth-wave timeline, building on past notification processes.
Affected taxpayers should proactively plan and take necessary steps to comply with integration requirements. Smooth compliance will demand substantial IT and human resources, making proactive preparation vital for a seamless process.
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