In Saudi Arabia, the first phase of electronic invoicing, known as “Fatoora,” goes into effect.

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In Saudi Arabia, the first phase of electronic billing went into effect on December 4, 2021, for all enterprises registered in the Value Added Tax (VAT). Each taxpayer liable to VAT issues an e-billing, which is an electronic tax invoice.
With its active role in combating the hidden economy, the e-invoicing program supervises purchasing and selling operations according to an integrated electronic process that protects consumers’ rights and improves their experience.

– Electronic invoicing is the process of converting all institutions, corporations, and businesses to an electronic invoice that eliminates the need for human invoice manipulation.

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It should be remembered that in August, Saudi Arabia launched one of the most major projects, FATOORAH (e-invoicing), in two parts. The FATOORAH project is projected to have a significant positive influence on the Saudi economy, reducing hidden economy transactions and promoting fair competition.
The First Stage of Electronic Billing:

In Saudi Arabia, the first phase of e-invoicing went into effect on December 4, 2021. This phase marks the end of utilizing and issuing handwritten invoices, including those written using editable computer applications.

– This phase is responsible for issuing and saving invoices with all simplified features, such as a QR code, a serial number that identifies and simplifies the tax, the buyer’s VAT number for tax invoices, and the invoice address, depending on the given type.

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Supplier name, VAT registration number, invoice date and time, total value added tax, and total for the invoice must all be included on the e-invoice.

The Second Stage of Electronic Billing:

Electronic billing is applied to all taxpayers subject to the VAT system in the second phase, which begins in January 2023, and the Zakat, Tax and Customs Authority announces all electronic billing criteria in the first stage.

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