30 Days Left For Wave 8: What Should You Know?

Authored By: Dana Asnan

The due date for wave 8 compliance is nearing the deadline ZATCA has placed for the required VAT taxpayers of the second phase known as the “Integration Phase”. So, what should you know?

ZATCA has previously declared the criteria for the obliged VAT taxpayers included in wave 8, similarly to what has been done in the previous waves. Thus, the criteria placed for wave 8 demanded VAT taxpayers with taxable annual revenue above 40 SAR in 2021 or 2022.

According to what’s been released, the deadline for required taxpayers which initially started on 1/3/2024 is going to end on 30/6/2024 leaving required VAT taxpayers with almost 30 days only to finalize their compliance process with ZATCA.?

The compliance process mandates integration with the Fatoorah platform to ensure all organizational invoices are ZATCA-compliant with Phase Two requirements. Phase Two required additional guidelines that weren’t previously mandated by ZATCA in Phase One known as “Generation Phase”.

Phase Two additional requirements included:?

– Obligatory integration with the Fatoorah platform.

– Including all additional invoice fields as clarified by ZATCA.

– Following the E-invoice format.

– Complying with the technical specifications for the E-invoicing system.

– Adding the QR code to E-invoices.?

– Invoice title according to invoice type (simple invoice, simplified tax invoice).

Notice Period for Compliance?

Wave 8 was preceded by a 6-month notice period to notify businesses of the need to integrate their internal systems with ZATCA. This allows businesses to have more time on their hands to finalize their compliance process without delays.?

Wave 8 is considered to be a successful continuation of Phase Two along with all preceding waves. This organized approach that ZATCA follows in categorizing VAT taxpayers into waves is a great step in facilitating invoice management for everyone.

The Kingdom of Saudi Arabia aims to boost the finance sector and ensure accurate tax compliance by mandating E-invoicing across the country. Following this approach was the fuel to move towards the cancellation of paper invoices or any other form of invoice issued from any system besides E-invoicing systems authorized by ZATCA.??

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