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The due date of e-Invoicing phase one, i.e., the generation phase is round the corner. Under the e-Invoicing phase 1 being effective from 04 December 2021 in KSA, ALL VAT-registered taxpayers must be ready to issue invoices or Fatoora from an e-invoicing solution.
They should refrain from making manual invoices and should generate all the invoices electronically in a structured format from an e-invoicing solution
The guidelines for the implementation of e-invoicing in KSA have already been disseminated by ZATCA. Phase 1 of e-invoice generation will be enforceable from 04 December 2021, with the basic requirement that taxpayers should become capable of issuing E-invoices. In this phase, taxpayers are not required to report invoices to ZATCA or get its approval or clearance of bills.
Applicability of E-Invoicing Phase 1:
Every taxable resident irrespective of turnover in the KSA.
Third parties issuing tax invoices on the behalf of the taxable resident.
All taxable supplies whether at standard or zero rates.
All taxable supplies to residents and non-residents in terms of exports.
Non-Residents taxpayers are excluded.
Not applicable on exempt supplies, import of goods and supplies subject to reverse charge mechanism.
The requirements in the Generation phase:
To be able to generate E-invoice one must first install or update the existing invoicing system.
Generate and store invoices and the debit, credit notes in a structured electronic format issued through an electronic solution.
Invoice to contain additional fields.
A mandatory QR code and a title to the invoices for B2C transactions.
An optional QR code and mandatory Invoice title for B2B transactions. The taxpayer should update the buyers' VAT Registration number if registered for VAT.
The functionalities prohibited in phase 1 of e-invoicing:
Allowing Uncontrolled Access.
Tampering of E-invoice or their associated notes or logs.
Allowing Multiple Invoice Series.
For Phase 2 beginning from January 1, 2023, a clearance regime has been prescribed for B2B invoices. B2C invoices must be reported to the tax authority platform within 24 hours of issuance.
Therefore, it is the need of the hour to find a solution like Webtel’s e-invoice generation and integration solution to be on time and compliant with e-invoicing requirements in KSA.
Webtel’s integrated e-Invoicing solution will generate, upload and print e-Invoices as per the prescribed format to make your e-invoicing in KSA hassle-free. Our specialization lies in seamless integration, bulk generation of e-invoices, data validation, cost-effective operations, real-time monitoring, data security and assistance in resolving queries.
So, what are you waiting for? We can be your best companion in this e-invoicing journey. Click here to book your demo now!