The Zakat, Tax and Customs Authority (ZATCA) set the requirements for choosing the targeted taxpayers in the l lth wave for executing the “Integration Phase” of e-invoicing, as it clarified that the l lth wave consisted of all taxpayers whose incomes based on VAT surpassed SAR 15 million throughout 2022 or 2023.
Targeted taxpayers in the l lth wave will be alerted to incorporate their e-invoicing options with the (FATOORA) Platform from Nov. 1, 2024, ZATCA stated in a declaration.
Stage Two (Integration Phase) needs extra requirements, compared to the Phase One (the Generation Phase), the most popular of which is to incorporate taxpayers’ e-invoicing options with FATOORA, concern e-invoices based upon a particular format, and consist of extra fields in the billing.
Stage Two would take location slowly in waves, and ZATCA would notify the following waves straight at least 6 months before their Integration Date.
The launch of Phase Two of e-invoicing becomes part of the financial advancement and digital improvement occurring in the Kingdom.
Stage One (Generation Phase) of e-invoicing, was presented on Dec. 4, 2021, which requires taxpayers based on the E-invoicing Regulations to stop creating handwritten billings or computer-generated billings through text modifying software application or spreadsheet software application.