IS YOUR BUSINESS READY FOR ZATCA GENERATION PHASE?
Saudi Arabia is embracing Digital Transformation with open hands with its VISION 2030 initiative. It is a strategic framework to reduce the kingdom’s dependency on oil and diversify its economy to develop public sectors, such as health, education, infrastructure, recreation, and tourism. Crown prince Mohammad bin Salman announced this initiative on 25 April 2016. In efforts to achieve this digital transformation, various digital projects got announced during the past years.
As an extension to support the ‘VISION 2030’, project FATOORAH was initiated, spearheaded by Zakat, Tax and Customs Authority(ZATCA). Electronic Invoicing is a procedure that aims to convert the issuing of paper invoices as well as credit and debit notes into an electronic process that allows the exchange and processing of invoices, credit & debit notes in a structured electronic format between the buyer and seller. It will be mandatory for B2B, B2G, and B2C transactions. And all taxpayers resident in the country will have to adopt it.
- Enhance business ecosystem with enriched fair competition and consumer protection by a unified process for validating and auditing invoices.
- Reduce hidden economy transactions.
- Reduce commercial concealment by increasing requirements related to invoice tracking and data retention.
- Enhance the consumer experience and digitizing the consumer-supplier relationship.
- Increased compliance with tax obligations through enhanced verification of business transactions
- Phase 1 (Generation phase)
- Phase 2 (Integration Phase