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 transformation 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.
The e-invoicing regulations will apply to two categories of entities/individuals:
At this time, taxpayers who are not residents of KSA are excluded from the e-invoicing requirement.
You can now successfully prepare for Saudi Arabia’s e-invoice 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 regulations, 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 focus on the banking sector and rich experience of having deployed our VAT solution for over 30 banks across the Middle East reflects our sound market and domain understanding. It also positions us to help our customers to prepare for this mandate and comply smoothly with the Kingdom’s e-invoicing regulations.
Complete digital invoice management
Seamless integration with systems
Extend seamlessly to other indirect taxation requirements
Strengthen reputation for not allowing fake invoices
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 SunTec Xelerate by your side.