- The Zakat, Tax and Customs Authority (ZATCA) has announced the criteria for the ninth group of taxpayers required to comply with the second phase of the electronic invoicing (e-invoicing) system implementation in Saudi Arabia.
- The ninth group will include taxpayers with revenues subject to value added tax (VAT) exceeding SAR 30 million in 2021 or 2022.
- The second phase, called the integration phase, involves integrating taxpayers’ e-invoicing solutions with the “Fatoora platform” and will begin on 1 June 2024.
- ZATCA will provide taxpayers with a six-month notice before their compliance date.
- This phase introduces additional requirements for storing e-invoices, including the use of QR codes.
- ZATCA urges taxpayers to prepare for the second phase and seek guidance if necessary, as non-compliance may result in penalties.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
