Many countries worldwide are implementing e-invoicing under their value added tax (VAT) law, including the Middle East countries like Saudi Arabia. Taxpayers need to gradually move from physical invoices to electronic invoices to keep pace with changing times. E-invoicing is necessary to manage large volumes of data efficiently and enhance tax transparency. It minimizes tax evasion by preventing false invoices and incorrect input tax credit claims. An e-invoice is a system-generated invoice in a standard format, generated through government-approved e-invoicing solutions. It is stored and accessed electronically. E-invoicing is being implemented globally under indirect tax law, particularly under the law of value added tax.
Source Fintedu
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
