Zakat, Tax and Customs Authority (ZATCA) announced the eighth wave under phase 2 of Saudi Arabia e-invoicing. Moreover, it clarified that businesses registered under Value Added Tax (VAT) with a turnover exceeding SAR 40 million during 2021 or 2022 are included in wave 8 of phase 2.
Starting from March 1st, 2024, businesses falling under Wave 8 are required to integrate their e-invoicing solutions with the Fatoora portal.
Phase 2 of e-invoicing introduces additional requirements, including integration with the Fatoora portal, inclusion of specified fields in the invoice, and adherence to a prescribed format. ZATCA ensures that concerned businesses are notified of the applicability of Phase 2 at least six months before the integration date.
Previously, ZATCA announced several waves under Phase 2, each targeting businesses with varying turnover thresholds. These waves have specific integration deadlines ranging from January 2023 to February 2024.
ZATCA emphasizes that Phase 2 of e-invoicing plays a crucial role in advancing digital transformation and promoting economic development. It views Phase 2 as a continuation of the successful Phase 1, which focused on the generation phase.
The implementation of Phase 1, starting from December 4th, 2021, mandated VAT-registered taxpayers in Saudi Arabia to adopt ZATCA-compliant e-invoicing solutions. This phase aimed to enhance consumer protection, raise taxpayer awareness, and ensure compliance with invoicing standards.
Contact US for ZATCA e-invoicing: For inquiries and assistance regarding ZATCA e-invoicing solutions, feel free to reach out to adb world, your trusted partner for seamless integration and compliance support.
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