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The introduction of an e-invoicing system in Saudi Arabia mandates businesses to generate invoices using software or any other electronic system. This implies that the manual way of issuing invoices, including handwritten ones, will no longer be considered valid invoices. The e-invoicing system in Saudi will be implemented in two phases, starting from 4th December,2021.
The first phase is a generation phase that requires businesses to generate and store compliant electronic tax invoices and notes using compliant e-invoicing systems. In the next phase, known as the ‘Integration Phase’, e-invoicing software or systems used by businesses will be integrated with ZATCA starting from 1st January,2023.
|Date and Implementation Phases of e-invoicing (Fatoora) in Saudi|
While the integration phase is miles away, the businesses need to focus on the immediate invoicing changes to comply with generation phase requirements. Understanding how generation phase of e-invoicing work plays a crucial role in implementing e-invoicing for your business.
In the first phase, called the generation phase, the critical requirement is that the business uses e-invoicing software or a solution that complies with the e-invoicing requirements and specifications issued by the authority.
In this phase, you need to generate an e-invoice using business software or other electronic means and issue it to the seller. The only thing that businesses need to ensure is that invoice consists of all mandatory components like TRN number, QR code in case of simplified invoice etc. Adding of QR code is compulsory for Simplified invoices and tax invoices. It is optional.
Let’s understand this with an illustrative workflow
The above illustrative diagram on e-invoice system is explained below:
With nearing the deadline of implementing e-invoicing, it is essential to understand how the e-invoicing system works and, even more importantly, to have the right ERP or accounting software. TallyPrime is a business management software that supports the VAT requirements in Saudi Arabia. The best part is that TallyPrime is now enhanced to support e-invocing requirements. You can generate e-invoice, electronically store the invoice details and implement the access control to comply with the e-invoicing guidelines.
What’s more? TallyPrime is qualified by ZATCA (GAZT) as a compliant e-Invoicing (FATOORA) software.
Read more on Saudi Arabia VAT
e-Invoicing (Fatoora) in Saudi Arabia, VAT invoice in Saudi Arabia, VAT invoice format in Saudi Arabia, Types of invoices under VAT in Saudi Arabia, Simplified Tax Invoice in Saudi Arabia, Checklist for VAT invoice in Saudi Arabia, How to Generate e-invoices Instantly, Fatoora Software in Saudi, Supplies Covered Under e-Invoicing in Saudi, Date & Implementation Phases of e-invoicing (Fatoora)
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