The Zakat, Tax, and Customs Authority (ZATCA) has announced an important update for the upcoming phase of its e-Invoicing initiative. This phase, known as Wave 11, targets companies in Saudi Arabia that reported VAT-liable revenues of over 15 million Saudi Riyals for either the year 2022 or 2023.
What does wave 11 entail?
With the new phase, affected companies will need to comply with several critical requirements:
- Integration with ZATCA’s FATOORA Platform: It is essential for companies to align their e-Invoicing systems with ZATCA’s platform to ensure compliance and facilitate smoother data exchanges.
- Adherence to Specific Invoice Format: Companies must now follow a standardized invoice format, designed to make financial processes more uniform and easier to manage.
- Inclusion of Additional Invoice Details: The update requires companies to provide more detailed information in their invoices, aiming to enhance the precision and tracking of transactions for taxation purposes.
These changes are part of ZATCA’s ongoing efforts to digitize and streamline tax-related processes within the Kingdom, thereby enhancing transparency and governance.
Next steps
Businesses impacted by these changes should prepare by familiarizing themselves with the detailed guidelines provided by ZATCA. Ensuring compliance with the new e-Invoicing requirements will be crucial for a smooth transition. For further details, visit ZATCA’s e-Invoicing Introduction Page.
Key takeaways
- Target Group: Businesses with VAT-related revenues exceeding 15 million Saudi Riyals in 2022 or 2023.
- Requirements: Integration with FATOORA, compliance with a new invoice format, and expanded invoice details.
- Resource for Information: ZATCA provides comprehensive guidance on their official e-Invoicing rollout page.
