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ZATCA and E-invoicing in KSA Brief
The Kingdom of Saudi Arabia (KSA) has introduced the e-invoicing system Fatoorah under the Zakat, Tax and Customs Authority (ZATCA). Fatoorah aims to transition from paper-based billing to electronic invoicing, making it mandatory for VAT-liable individuals and industries.
Purpose of Fatoorah Implementation
Fatoorah aims to:
- Foster fair trade and competition
- Safeguard consumers through a unified process
- Prevent illicit transactions
Generation Phase Compliance
Implemented in two phases, Phase 1 began on December 4th, 2021. Taxable entities were required to electronically store invoices, bills, credit notes, and debit notes, ensuring compliance with Fatoorah. While submission on the FATOORAH portal wasn't mandatory, businesses were expected to make their systems E-invoicing compliant.
Integration Phase Expectations
The Integration Phase, starting January 1st, 2023, mandates taxable businesses to electronically generate and submit invoices for verification on the Fatoorah portal. Implementation occurs in waves, with taxpayers notified six months before their implementation date.
Essential Elements for Invoicing Solution
When submitting invoices for verification, the invoicing solution must generate essential elements, including:
- UUID: Unique 128-digit number generated algorithmically
- Cryptographic Stamp: Digital signature ensuring document authenticity
- Identifier: Credential associated with the invoice and stamp
- QR Code: Contains basic invoice data for easy scanning
- Invoice Counter: Represents each invoice issued via the system
Benefits of LogiTax for KSA Compliance
LogiTax KSA offers a comprehensive solution for Fatoorah compliance, providing benefits such as:
- Seamless integration with ERPs for effortless compliance
- Advanced validation mechanisms for accurate and error-free invoices
- Tamper-proof security ensures data integrity and compliance
- Comprehensive billing platform enhancing efficiency in invoicing processes
- Continuous updates and alerts keep businesses informed and proactive
- Real-time data submissions for faster and more efficient compliance
- A dedicated support team offering round-the-clock assistance in Arabic and English
- Hassle-free onboarding with a 30-day free trial
- Tailored ERP integration solutions for diverse systems
- XML generation and API communication are handled by LogiTax for simplified processes.
Conclusion
LogiTax KSA offers an efficient and hassle-free solution for Fatoorah compliance, reducing manual dependency and enhancing workforce efficiency. Contact us today for a demo and find the best solution for your business needs.
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