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With the coming of E-Invoicing in the KSA Model, a noticeable transformation has been seen in the generation of invoices from one country to another to have a crystal clear transparency and consistent flow of the financials.
Saudi Arabia is the new member to join the group by starting its journey with an e-invoicing system. Although the General Authority of ZAKAT and Tax has shared the requirements for generating e-invoices in a phased manner, first phase to be implemented w.e.f. 4th December, 2021.
By keeping in mind the new e-invoicing regulations in KSA, all the tax invoices generated and saved electronically via a non-corruption proof system, not any carbon copied or scanned invoices, are taken into consideration as an e-invoice.
As a fortunate result, it ultimately led to the elimination of the manual ways with proper e-invoice terms and conditions for the preparation, calculation, and issuing of the invoices while switching towards digitizing all their financial statements. Moreover, it targets to put a full stop on shadowing the GAZT economy through facilitation of tax returns, an adaptation of international standards, improvisation in the global ranking, promotion of unbiased business competition, and protection of consumers under General Authority of ZAKAT and Tax.
Also Read: Everything About KSA e-Invoice System
The new E-invoicing changes will bring a turnaround change in the economy of KSA. There will be a smooth flow of information with fewer chances of fraud and corruption. But to implement the system KSA should deploy proper infrastructure that could provide good internet connection even in remote areas and also train people to use the system and software. Initially, the taxpayers might face some problems while following the implementation guidelines, but once implemented will yield many benefits.
If everything falls to the right place, this eco-friendly approach will lead to ease of business. For further assistance, and to provide an overview of the terms and process, ZATCA has published E-Invoicing simplified guidelines and FAQs.
Do not let this GAZT model of e-invoicing system be a speed breaker for you, rather try to leverage the most out of e-invoicing in KSA to boost up your business growth remarkably. As soon as you adopt and accept the benefits glued with this digital transformation, simultaneously an acceleration can be seen in the economy as a whole.
But this is not enough, until and unless you collaborate with an e-invoice generating ecosystem to bring the required efficiency according to the e-invoice compliance requirements. Therefore, it becomes crucial to associate with Webtel’s all-in-one e-Invoicing integrated solution for easing every mere or multiplex problem in issuing e-invoices concerning The General Authority of ZAKAT and Tax.
Webtel ‘e’ invoice utility is also capable of generating E invoice and notes in XML, PDF with embedded XML as per the requirements through Web Utility or Seamless integration with ERPs. It also provides for generation of UUID providing multiple auto validation of data to ensure compliance of the law. For simplified ‘e’ invoices and notes, business will need to register with ZATCA to obtain a Digital Signature Certificate (DSC) to request Cryptographic stamp Identifier for its E invoicing Solution. Webtel ‘e’ Invoicing solution proposes to establish a connection with an external APIs between taxpayer’s E-invoicing solution and ZATCA to periodically upload simplified e-invoices and E-notes, as well as transmit e-invoices and E-notes to receive a response in real time. The ZATCA will provide the details around timelines, targeted groups and implementation phases of the integration in subsequent resolutions.
Also Read: Fatoora Guidelines & Standards of e-Invoicing in KSA