All you need to know about meeting your e-invoicing obligations in the Kingdom of Saudi Arabia
With Phase 1 – the Generation Phase – of e-invoicing already underway, Thomson Reuters have prepared an exclusive guide to help your organisation prepare for the transition to Phase 2 and adapt quickly to future developments in the world of e-invoicing and tax.
The government of Saudi Arabia has invited relevant companies to partake in the first wave of e-invoicing Phase 2, which will be ready to go live from 1 January 2023. The regulations for this Phase will provide an important foundation for taxpayers to complete their e-invoicing implementation.
During Phase 2, also known as the integration phase, organisations are required to integrate their system with ZATCA’s platform to attain authorised tax invoices and generate XML files of Tax and Simplified electronic invoices in the format legally required in Saudi Arabia. They must report transactions for which Simplified Tax Invoices have been issued.
Several organisations are currently in the process of determining the right software product for them and are undergoing trials from solution providers based on their budgets and existing skill set levels of their staff. Although not all companies are part of the initial first wave, ZATCA have encouraged customers to start the process of implementation early in order to get the full support from the tax authority.
Working with a trusted technology solutions provider to define a tax technology roadmap will help you to make technology decisions that deliver long-term value. Thinking ahead and getting the right systems in place now will prepare your business for all phases of e-invoicing, ongoing developments in VAT, and the evolution of the wider tax regulatory landscape.
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About Thomson Reuters ONESOURCE E-invoicing
Thomson Reuters ONESOURCE offers an end-to-end solution for managing Indirect Tax in MENA, including ONESOURCE Determination, ONESOURCE Indirect Tax Compliance – and now: ONESOURCE e-invoicing. Our solutions can be used individually or combined for end-to-end automation and accuracy, every time. Allow Thomson Reuters to help deliver a complete offering for Phase 1 and future proof your business for Phase 2.
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