Seventh Wave: Saudi Arabia's Phase 2 E-invoicing Implementation
On July 28, 2023, the Zakat, Tax and Customs Authority (ZATCA) announced the seventh wave of Phase 2 of mandatory e-invoicing implementation.
This wave includes all taxpayers whose revenues subject to VAT exceed SAR 50 Million (~USD 13 Million) during 2021 or 2022. VAT-registered taxpayers meeting the criteria should integrate their e-invoicing solutions with the FATOORA Platform starting from February 1, 2024 until May 31, 2024.
Companies must be ready to integrate their systems once the seventh wave becomes effective.
The above is a summary of the seventh-wave implementation. For more information on the Phase 2 e-invoicing, check out our previous blog explaining the requirements in more detail.