How KSA Banks Can Transition to the New E-Invoicing Regime By Sudheer Padiyar, Senior Vice President, Sales – EMEA Share...
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Increase transactional efficiency and ensure complete digital invoicing while staying compliant
What Does the KSA e-Invoicing Mandate Mean for Banks and Financial Institutions?
The Kingdom of Saudi Arabia (KSA) will implement its e-invoicing mandate with effect from 4 December 2021. From this date, all business entities, including banks & financial institutions in the KSA to which e-invoicing regulations apply, must be prepared to issue, receive, and store e-invoices. This is a giant leap in the Kingdom’s digital journey and e-invoicing will enable payments efficiency and security. It will eliminate error-prone manual invoice processing and reconciliation, thereby addressing fake invoices and reducing the risk of revenue leakage through VAT avoidance. This move will not only make trade more seamless, but also ensure tax compliance and enhance transparency.
Who is Subject to e-Invoicing Regulations?
The e-invoicing regulations will apply to two categories of entities/individuals:
- All taxpayers subject to value added tax residing in KSA; and
- Any party that issues a tax invoice on behalf of a taxpayer who is subject to VAT.
At this time, taxpayers who are not residents of KSA are excluded from the e-invoicing requirement.
SunTec’s e-Invoicing Solution for Financial Institutions
You can now successfully prepare for the mandate. It is important to understand that data elements required for e-invoicing are a sub-set of the data processed in a VAT system. Thus, to comply with the e-invoice mandate, your bank or business entity will have to ensure that your accounting/billing system for VAT compliance or the VAT engine that you have in place is integrated with the e-invoicing system.
SunTec e-Invoicing Solution can be integrated with your accounting system or with our VAT engine within a matter of weeks without disturbing your existing IT landscape. Now seamlessly manage VAT, electronically generate & exchange e-invoices, handle accounting as well as ensure regulatory reporting.
Our strong vertical focus and rich experience of having deployed our VAT solution for over 30 banks across the Middle East not only reflects our sound market and domain understanding but also positions us to help our customers get ready in time for this mandate and comply smoothly with e-invoicing regulations.
With SunTec e-Invoicing Solution, benefit from:
Accurate invoicing
Compliance with e-invoice and VAT regulations of KSA
Complete digital invoice management
Seamless integration with systems
Extend seamlessly to other indirect taxation requirements
Strengthen reputation for not allowing fake invoices
Make a Smooth Transition to Mandatory e-Invoicing in the KSA
Access our e-Book to get started with e-invoicing. In this eBook, we provide guidance to financial institutions in the KSA about the nuances of e-invoicing, how to ensure a smooth integration of VAT and e-invoicing systems, and considerations for deploying a robust e-invoicing solution with the right partner to get you ready in time.
Be up to speed in a changing market with Xelerate by your side.
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