ZATCA Compliance refers to adhering to the regulations set by Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) to meet tax, invoicing, and customs duties standards. Key elements include:
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VAT Compliance:
- VAT Registration: Mandatory for businesses with taxable supplies above the threshold.
- E-Invoicing: Businesses must issue e-invoices and integrate with ZATCA’s system for real-time data sharing.
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Tax Filing & Reporting:
- VAT Returns: Must be filed periodically via ZATCA’s portal, with accurate records kept for 5 years.
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Zakat & Income Tax:
- Businesses must file Zakat or income tax returns based on their profits.
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Customs Compliance:
- Businesses involved in imports/exports must comply with customs regulations and duties.
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Penalties for Non-Compliance:
- Fines and sanctions for late filings or non-compliant invoicing.
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Audit & Inspections:
- ZATCA may audit businesses to ensure compliance.
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Digital Reporting:
- Real-time data sharing, especially through the e-invoicing system.
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International Tax Compliance:
- Compliance with OECD and transfer pricing standards for cross-border transactions.
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