5 February 2023 - postingstock@gmail.com
Top Posts
Tips for startups on how to work with...
What do you need a trading bot for?
Colistin Veglin is Still Alive.
What is The First Computer Virus in The...
Tips on Buying Your Dream Wedding Gown
6 Reasons Why You Should Buy Spices Online
Why Should You Buy Workspace Furniture?
How mass Backlink Checkers Can make you Easier
Functional Skills Maths Scheme of Work Entry 3:...
Get to Know About New California ESA Laws
Posting Stock – Home Improvement & Technology
  • Home
  • Business & Trade
  • Gaming & Sports
  • Politics and Legal
  • Services
  • Privacy
  • Contact Us
Business & TradePolitics and Legal

Fatoorah (E-invoicing) Becomes Mandatory in Saudi Arabia

by AbsoluteSolutionsKsa May 24, 2022
by AbsoluteSolutionsKsa May 24, 2022

Fatoorah (E-invoicing) Becomes Mandatory in Saudi Arabia:

In December 2021, Saudi Arabia made electronic invoices mandatory for all domestic taxpayers. Zakat, Tax and Customs Authority (ZATCA) stated it will implement the electronic invoicing system in two phases starting on December 4th.

Absolute Solutions is one of the leading IT solutions companies in Riyadh. The company’s ZATCA compliant e-invoicing software is now ready for integration with the ZATCA system.

Saudi Arabia: FATOORAH, Electronic invoicing

FATOORAH is a Saudi Arabian electronic invoicing project that covers B2B, B2C, and B2G transactions. In December 2020, the ZATCA, previously known as the GAZT, published the electronic invoicing regulation that details the terms, requirements, and conditions related to electronic invoices and their associated documents.

On May 28, 2021, the ZATCA published more details regarding the regulation, including technical specifications, requirements, and the rules governing each phase.

Do Saudi Arabian companies have to use electronic invoices?

The revised standard will affect all resident taxpayers in the country, as it will apply to business-to-business transactions.  In addition, It will also affect third parties who issue invoices on behalf of VAT-registered taxpayers.  However, it will not affect taxpayers outside of Saudi Arabia.

FATOORAH e-invoicing project phases and deadlines:

First phase: December 4th, 2021

The taxpayer must issue electronic invoices using a system that includes the required fields in the electronic invoice. In addition, the system must archive the invoice and generate an online copy for the client. However, the system will not accept manual invoices.

Taxpayers who are authorized to issue electronic invoices must include an associated VAT number. It must also include the invoice issuance date and the VAT. B2B invoices may also include QR codes, but simplified B2C invoices must have QR codes.

January 1st, 2023: Phase 2

The phase is known as “integration phase”.  By this date, all invoicing systems must be compatible with the ZATCA system. ZATCA will integrate its system progressively based on the taxpayer class. However, Taxpayers will be notified at least six months before their mandatory integration date.

The documents associated with electronic invoices must be generated using XML or PDF/A-3 (with XML) during this phase.

The e-invoicing Software Saudi Arabia must be able to connect to the internet and integrate with external systems via ZATCA’s API.

Digital signatures, unique universal identifiers (UUIDs), the generation of hashes, and QR codes are necessary security measures to ensure the integrity of invoices.

The ZATCA has defined its electronic invoicing system and technical requirements.  We strongly encourage the implementation of this new system. Phase 1 of the project allows taxpayers to begin exploring the system while laying the foundation for an integrated solution with ZATCA.

Final verdict:

In Saudi Arabia, e-invoicing (Fatoorah) is obligatory, and the deadline to comply with this mandate is January 1st 2023. Thus, businesses and other tax-payers in the kingdom must become compliant.

The easiest way to get compliant with this mandate is to integrate the ZATCA compliant e-invoicing application by Absolute Solutions, into your business accounting system. Since this system complies with every requirement set forth by ZATCA.  Absolute Solutions offers 24/7 customer support for the system as well. In addition the Absolute Solutions e-invoicing application provides the following benefits:

  • Seamless integration with ZATCA e-invoicing system and your business accounts
  • convenient and efficient e-invoice processing
  • Automates your billing
  • secure accounting and smart e-invoicing system
  • User-Friendly interface
  • Scalable to meet future demands
  • It supports Arabic and English languages

Therefore, it is the best time to take action and integrate the e-invoicing software by Absolute Solutions into your business and accounting system. In addition, it will help you get compliant with all ZATCA requirements and will save you from any future penalties.

Post Views: 169
e-invoicinge-invoicing applicatione-invoicing in KSAe-invoicing in Saudi Arabiafatoorahfatoorah KSA
Share
AbsoluteSolutionsKsa

previous post
Everyday Benefits of Vitamins and Minerals
next post
The Importance of Smoke Alarms in the homes

Related Posts

Tips for startups on how to work with...

February 1, 2023

6 Reasons Why You Should Buy Spices Online

December 13, 2022

Why Should You Buy Workspace Furniture?

December 12, 2022

How mass Backlink Checkers Can make you Easier

December 10, 2022

Bussiness Of Selling Bath Bomb Use Custom Bath...

November 17, 2022

How to Fix Download and Install QuickBooks Tool...

November 16, 2022

Why is it essential to have a divorce...

November 15, 2022

The Best Sportswear Wholesale Suppliers in Canada

November 15, 2022

What is a Mailchimp software and why does...

November 10, 2022

When Should You Hire a Personal Injury Attorney...

November 9, 2022

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Recent Posts

  • Tips for startups on how to work with legal teams

    February 1, 2023
  • What do you need a trading bot for?

    January 25, 2023
  • Colistin Veglin is Still Alive.

    January 6, 2023
  • What is The First Computer Virus in The Philippines?

    December 31, 2022
  • Tips on Buying Your Dream Wedding Gown

    December 14, 2022

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Categories

  • Automotive (93)
  • Banking & Finance (134)
  • Business & Trade (927)
  • Computers and Technology (462)
  • Digital Marketing (124)
  • Education & Reference (169)
  • Family & Relationship (46)
  • Fashion & Lifestyle (251)
  • Featured (142)
  • Food & Drink (67)
  • Gadgets & Accessories (28)
  • Gaming & Sports (43)
  • Health and Medical (460)
  • Home Improvement (218)
  • Kids and Teens (41)
  • Movie and Entertainment (81)
  • News and Society (25)
  • Pets and Animals (20)
  • Politics and Legal (25)
  • Real Estate (96)
  • Services (339)
  • Travel and Leisure (135)

About Us

Welcome to Posting Stock. Our team of experts writes quality content about Stock and other niches. Produce relevant, engaging, informative samplings of top News for Visitors. Posting Stock produces highly ranked links to major search engines with human-readable content.

For Quick Response Contact Us at:


support@postingstock.com

For Advertisement:

postingstock@gmail.com

Featured Posts

  • How to Pick the Perfect Flooring for Balcony

  • Top Assignment Editing And Proofreading Approaches By Experts

Recent Posts

  • Tips for startups on how to work with legal teams

  • What do you need a trading bot for?

@2019 - All Right Reserved by Posting Stock

Posting Stock – Home Improvement & Technology
  • Home
  • Business & Trade
  • Gaming & Sports
  • Politics and Legal
  • Services
  • Privacy
  • Contact Us