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8th Wave Of E-invoicing Integration In KSA

E-invoicing, implemented by the Zakat, Tax, and Customs Authority (ZATCA) in Saudi Arabia, facilitates electronic invoice creation, exchange, and verification to enhance tax compliance and business efficiency, and curtails evasion. ZATCA has announced the 8th wave of e-invoicing integration for the taxpayers to integrate their e-invoicing system with the Fatoora platform.

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8th Wave Of E-invoicing Integration In KSA

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  1. 8TH WAVE OF E-INVOICING INTEGRATION IN KSA E-invoicing, implemented by the Zakat, Tax, and Customs Authority (ZATCA) in Saudi Arabia, facilitates electronic invoice crea�on, exchange, and verifica�on to enhance tax compliance, business efficiency, and curtails evasion. ZATCA has announced the 8th wave of e-invoicing integra�on for the taxpayers to integrate their e-invoicing system with the fatoora pla�orm. Key Considerations E-invoicing ini�a�ve is launched by ZATCA in two (2) Phases. Phase 1 (Genera�on Phase) of E-invoicing obliges taxpayers to stop genera�ng handwri�en or computer-generated invoices and make sure that there is a technical solu�on for E-invoicing, including the QR code and other requirements. Taxpayers having revenue of SAR 40 million or above must integrate their e-invoicing system with Pla�orm before 01 March 2024. (FATOORA) 8th wave of This includes e-invoicing with and Phase 2 requires e-invoicing integra�on has targeted all taxpayers having revenue SAR 40 million or above in the year 2021 or 2022. integra�ng solu�ons pla�orm e-invoices with addi�onal fields as per the format prescribed by ZATCA. taxpayers to integrate with ZATCA’s pla�orm which is being rolled out in mul�ple phases that ini�ally targeted taxpayers with revenue exceeding SAR 3 billion. ZATCA's issuing How Insights can help? List of E-invoicing (phase-2) integration waves Advising the client to op�mize the benefits of e-invoicing, such as reducing costs, improving cash flow, enhancing customer sa�sfac�on, and increasing transparency. Threshold (in SAR) Date of implica�on Wave 3 billion and more 1. 01-Jan-23 Assist in implemen�ng the E-invoicing so�ware to generate e-invoices that are in compliance with the e-invoicing requirements of ZATCA. 500 million and more 2. 01-Jul-23 250 million and more 3. 01-Oct-23 Assist and provide training to staff to use the electronic invoicing so�ware efficiently to ensure compliance with the e-invoicing requirements of ZATCA. 150 million and more 4. 01-Nov-23 100 million and more 5. 01-Dec-23 For more: "Zakat, Tax and Customs" sets the criterion for selecting the targeted establishments in the eighth group to implement the "linkage and integration" phase of electronic invoicing (zatca.gov.sa) 70 million and more 6. 01-Jan-24 50 million and more 7. 01-Feb-24 40 million and more 8. 01-Mar-24 Riyadh Office +966 502228834 Jeddah Office +966 50 088 5759 www.insightss.co info@insightss.co

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