Eighth Wave: Saudi Arabia's Phase 2 E-invoicing Implementation
On August 18, 2023, the Zakat, Tax and Customs Authority (ZATCA) announced the eighth wave of Phase 2 of mandatory e-invoicing implementation.
This wave includes all taxpayers whose revenues subject to VAT exceed SAR 40 Million (~USD 10.5 Million) during 2021 or 2022. VAT-registered taxpayers meeting the criteria should integrate their e-invoicing solutions with the FATOORA Platform starting from March 1, 2024 until June 31, 2024.
Companies must be ready to integrate their systems once the eighth wave becomes effective.
The above is a summary of the eighth-wave implementation. For more information on the Phase 2 e-invoicing, check out our previous blog explaining the requirements in more detail.