- Starting January 1, 2025, businesses in Saudi Arabia with VATable income over 7 million Saudi Rials in 2022 or 2023 must integrate their e-Invoicing systems with the FATOORAH platform.
- The FATOORAH initiative by ZATCA aims to enhance tax compliance and streamline invoicing processes for B2B, B2C, and B2G transactions.
- The implementation will occur in two phases, with phase 1 already implemented in December 2021, and phase 2 requiring businesses with significant VATable income to integrate with the FATOORAH platform by January 2025. This will ensure comprehensive compliance and efficient tax reporting.
Source RTCsuite
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- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
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