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ZATCA E-INVOICING IN SAUDI ARABIA

The Zakat, Tax and Customs Authority (ZATCA) announced the introduction of an e-invoicing law on 4 December 2021. By introducing e-invoicing, organizations can both reduce costs and increase productivity at the same time. They can reduce time-consuming manual work and pay more attention to control, business strategy, and increased collaboration with clients and suppliers.

WHAT DO YOU NEED TO KNOW?

• It is coming into effect in two stages: Generation from 4 December 2021 and Integration from 1 January 2023

• The law applies to all taxpayers subject to VAT (excluding taxpayers not residing in the Kingdom), in addition to any party that issues a tax invoice on behalf of the taxpayer, who is subject to VAT.

• Issuing and keeping electronic invoices, debit, and credit notes: an electronic invoice is generated and stored in data structured files. Paper, unstructured data files, word, excel, PDF generated documents/ images, or scan copies of images are not considered e-invoices.

THE ZATCA E-INVOICE PROCESS:

Whether you are a buyer or supplier, there are aspects of the e-invoicing process that you must be prepared for once the mandate is in place. There are two stages involved in the process as defined by ZATCA.

• Generation: generate and issue invoices electronically in the ZATCA defined format

• Integration: report the invoices to ZATCA

An e-invoicing rollout brings several positive impacts for businesses. Through this digital transformation opportunity, businesses will experience:

• Faster payments

• Reduced costs

• Faster processing and payment cycles

• Increased AP productivity

• Focus on high-value activities

• Increased accuracy

• Improved cash management

E-Invoicing on Finance & Operations

Видавець: Business Experts Gulf