Saudi Arabia Announces the Businesses Affected by the Third Wave of Phase 2 E-invoicing Implementation
According to the announcement of the Zakat, Tax and Customs Authority (ZATCA), the third wave of the Phase 2 e-invoicing (Integration phase) will affect all taxpayers whose revenues subject to VAT exceeded 250 million SAR (approximately 67 million USD) during 2021 or 2022.
Affected businesses should integrate their e-invoicing solutions with the ZATCA’s e-invoicing (FATOORA) platform starting from October 1, 2023.
Following the second wave of the Phase 2 e-invoicing, the ZATCA will start to notify the taxpayers in scope of the third wave, in preparation for linking and integrating their electronic invoicing systems with the FATOORA platform.
Based on the ZATCA Governor’s Administrative Resolution No. (54252) dated 08/28/1444 AH, businesses will be expected to comply with the requirements between October 1, 2023 and February 1, 2024 depending on when they receive the notification from the ZATCA.
Companies must be ready to integrate their systems once the second wave becomes effective.
The above is a summary of the third-wave implementation. For more information on the Phase 2 e-invoicing, check out our previous blog explaining the requirements in more detail.