1 / 1

7. Wave - VII of e-invoicing

ZATCA e-invoicing initiative enables electronic issuance, exchange, and verification of invoices in Saudi Arabia.

Arthur29
Download Presentation

7. Wave - VII of e-invoicing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 7th Wave of E-Invoicing Integration in KSA www.insightss.co info@insightss.co ZATCA e-invoicing initiative enables electronic issuance, exchange, and verification of invoices in Saudi Arabia. It is implemented by ZATCA to improve tax compliance, business efciency, and reduce tax evasion. E-invoicing implementation is done in two phases, Phase 1 mandates structured e-invoices and Phase 2 requires integration with ZATCA's platform. Initially, ZATCA targeted businesses with revenue of SAR 3 billion or above and after a series of six waves now, ZATCA has launched the 7th wave of electronic invoicing by setting out the criteria for selecting the targeted businesses. 01 ZATCA 7th wave requires all taxpayers whose turnover exceeded SAR 50 million during 2021 or 2022. with (FATOORA) Platform starting from 1st February 2024. 02 the 03 04 Taxpayers criteria should integrate their e-invoicing solutions meeting This includes integrating e-invoicing solutions with ZATCA's platform issuing e-invoices additional fields according to a specific format. Phase 1 (Generation Phase) of E-invoicing obliges taxpayers to stop handwritten computer-generated invoices and makes sure that there is a technical solution generating E-invoices which must include the QR code and fulfill all other requirements of ZATCA. generating and with or for Summary of all the waves launched by ZATCA for the purpose of e-invoicing integration till now is below: How Insights can help? Wave Threshold (in SAR) Date of implication Advising the client to optimize the benefits of e-invoicing, such as reducing costs, improving cash flow, enhancing customer satisfaction, and increasing transparency. 01 1. 3 billion and more 01-Jan-23 2. 500 million and more 01-Jul-23 Assist in implementing the E-invoicing software to generate e-invoices that are in compliance with the e-invoicing requirements of ZATCA. 3. 250 million and more 01-Oct-23 02 4. 150 million and more 01-Nov-23 5. 100 million and more 01-Dec-23 Assist and provide training to staf to use the electronic invoicing software efciently to ensure compliance with the e-invoicing requirements of ZATCA. 03 6. 70 million and more 01-Jan-24 7. 50 million and more 01-Feb-24 For more: Zakat, Tax and Customs Determine the Criterion for Selecting the Targeted Establishments in the Seventh Group to Implement the "Linkage and Integration Phase" of Electronic Invoicing (zatca.gov.sa) Contact Us: +966 50 088 5759

More Related