- The Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia is promoting digital transformation and tax compliance through electronic invoicing (E-invoicing).
- The Integration Phase of E-invoicing aims to integrate more companies into the system to improve tax efficiency and transparency.
- Large companies whose income subject to VAT exceeded 70 million Saudi riyals during 2021 or 2022 will be required to adopt electronic invoicing solutions and integrate them with the FATOORA platform from January 1, 2024.
- Phase Two of the initiative will be implemented gradually in several waves, and affected businesses will be notified at least six months prior to their onboarding date.
- This move towards e-invoicing is part of ongoing economic development and digital transformation in Saudi Arabia, building on the success of Phase One launched on December 4, 2021.
Source eBusiness eXpert
