Saudi Arabia's e-invoice system, implemented by the Zakat, Tax, and Customs Authority (ZATCA), aims to streamline VAT collection and improve tax compliance.
Key Features:
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Phased Rollout:
- Phase 1 (Dec 2021): Businesses must generate and store invoices electronically.
- Phase 2 (Jan 2023): Requires real-time integration with ZATCA for invoice validation.
- Invoice Requirements:
- Format: Invoices must be in XML format.
- Digital Signature: Each invoice needs a digital signature for authenticity.
- QR Code: Invoices must include a QR code with essential details like VAT number, invoice number, and total amount.
- Integration: Businesses must transmit invoices to ZATCA in real-time for validation, improving VAT monitoring and tax compliance.
- Compliance: Non-compliance with the system may lead to penalties or issues with VAT refunds.
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