Committed to its efforts in combating commercial and tax fraud while protecting consumers, the General Authority of Zakat and Tax (GAZT) in Saudi Arabia has introduced the mandatory implementation of e-invoicing to be fully equipped and functional by December 4, 2021. This new regulation will offer security, transparency, and efficiency to Saudi residents.
The regulations specify the terms and conditions related to electronic invoices and electronic credit and debit notes. All regulations will require the same provisions related to VAT legislations. In addition, taxpayers should provide proof of electronic transactions and electronic signatures.
Who should comply to the e-invoicing regulations?
Any taxable resident in Saudi Arabia will have to issue and store e-invoices. This also applies to third parties who are issuing tax invoices on behalf of a taxable resident.
Subsequently, businesses should adopt digital tax accounting and reporting to meet the new compliance requirements.
When is the deadline?
December 4, 2021
How can businesses adopt e-invoicing system easily and fast?
Seidor Procons has introduced the new e-invoicing solution that can be seamlessly integrated with SAP Business One ERP. A team of experts will assess your business needs and requirements, configure the e-invoicing solution to meet the GAZT’s requirements and integrate it with the GAZT systems.
For free consultancy, email us on: email@example.com