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ZATCA E-Invoicing: Still handing out handwritten invoices, time to stop!
The Saudi Arabian government is making waves with a law that will become a cornerstone for the Kingdom in dealing with problems such as tax avoidance, money laundering, and various other illegal activities. That is the mandatory requirement of e-invoicing software compatible with the ZATCA (The Zakat, Tax and Customs Authority) E-invoicing application .
The ZATCA E-Invoicing application will now become the one and only way to convert your invoice to e-invoicing format. The Zakat, Tax and Customs Authority, or ZATCA, has formed a new invoicing resolution for Saudi taxpayers , and implementation of it will be divided into two phases. The first phase implementation is already underway and nearing completion with the second phase will be implemented at the beginning of January 2023. Through this process, the Saudi government aims to bring the taxpayers or tax-paying companies under one umbrella in the later stages.
What Exactly Is ZATCA E-Invoicing?
This new resolution aims to bring an end to all paper-based or handwritten invoices by implementing E-invoicing software that is compatible with ZATCA. That will require all taxpayers who are residents of the Kingdom of Saudi Arabia and VAT registered as well as those who represent on behalf of the suppliers to follow this rule.
The resolution stipulates that all invoices must be transmitted electronically, specifically through the ZATCA platform. ZATCA ensures that all invoices are accurate to the dot, transparent, and in compliance with the various regulation and tax laws.
The kingdom, through e-invoicing software , will enable real-time tracking and reporting, making it easier for businesses to manage finance and government agencies to monitor their compliance. Companies that fail to comply may face penalties or fines per the regulations.
The creation of these new electric invoices will lead to the elimination of the obsolete form of handwritten invoices and the exclusion of other forms of paper-based invoices.
The Two Phases of ZATCA
1. The first phase
The first phase, or the integration phase, is a critical step toward implementing the new invoicing systems. Rolled out on December 4th, 2021, the integration phase involved various systems and processes the business uses to create the ZATCA platform. The goal of the integration phase is to ensure that all invoices are transmitted in compliance with the ZATCA standards. The first phase is slightly milder in terms of strictness. The second one expects all taxpayers to follow the regulations to the dot.
It's important to remember that the first phase of the integration process does not stop once the system is up and running. Businesses will need to continue to monitor and maintain their integration with ZATCA to ensure compliance and to take advantage of new features and updates to the platform.
2. The second phase
The second phase will be enforced from the 1st of January 2023, this phase largely will focus on the integration of taxpayers and other groups of companies with ZATCA e-invoicing portal . The second phase of integration will be notified to the taxpayers six months in advance.
Taxpayers must switch and create e-invoices using an e-invoicing system that is compliant with the terms of ZATCA. They must see to it that they must use specific security anti-tampering add-ons, such as cryptographic stamps (e-signature), UUID, and hash, to strengthen safety in their invoice.
For B2B businesses generating a QR code is necessary which must be in the XML format. Within a 24 hours time frame, all invoices should be submitted to the e-invoice portal. Subjective individuals must adhere to a lot of technical and business requirements that are mentioned on the ZATCA website.
How will Saudi Arabia benefit from the use of electronic invoicing systems?
Electronic invoicing systems provide a clear and accurate record of transactions, making it difficult for businesses to engage in fraudulent activities. Electronic invoicing also helps to prevent tax avoidance by ensuring that taxpayers are compliant with the laws and regulations that govern tax declarations. The elimination of paper invoices helps minimize wrongful or illegal and even concealed transactions. Taxpayers can now adhere to the lawfully imposed tax declarations to prevent any tax avoidance. This will also help establish a benchmark in the verification of any business for tax and auditing purposes.
Worried you might not have a ZATCA compatible e-invoicing software?
You have come to the right place, at Veuz Concepts we help you build ZATCA-compatible invoicing software with Odoo. At Veuz we are truly committed to helping you create world-class invoicing software that meets all the zatca e-invoicing requirements . Our experts will help you easily streamline the process which will ensure you have an efficient and secure system, which makes it easier for you to track payments.
It can be a daunting task to undertake to deal with the two phases especially zatca e-invoicing phase 2, as you may encounter various technical and business-related roadblocks. We help you smoothen it out through our expert processes. Let us help you with the best e- invoice software in Saudi Arabia . You can also visit the ZATCA page to know more about the business, technical and security requirements. Still waiting for ZATCA approved Invoicing software try ZATCA e-Invoicing with Veuz .
Stay updated with our multitude of features: ODOO E-invoicing
It's important to stay updated about Saudi's new E-invoice system. It is critical that you exercise thorough research for its applicability and thoroughly test it so that you do not run into any issues when the system is deployed.
The features that we offer :
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Compatible with Zakat, Tax and Customs authority (ZATCA) to generate ZATCA e-invoicing QR code.
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Attach the invoices to the email as per the change of the order configuration..
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Enclose the invoices to the email in accordance with the order configuration change.
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Display all types of amounts, such as the detailed net amount, shipping cost with or without tax, total tax amount, and so on.
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Any static file, such as policy guidelines or refund policies, can be easily uploaded.
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Change the font on the invoice to suit your needs.
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Create sequential invoice numbers for perfect and one-of-a-kind invoices.
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Invoices can be downloaded in bulk.
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In the preview section, you can see your implemented logo or template.
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Multi-currency plugins with an extremely user-friendly interface.
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Supports the coupon, discount, and subscription plugins.
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Change the paper size from A3, A4, to any size you want.
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Orders that have been refunded or partially refunded are issued a credit note.
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Optional watermark and background image for added security.
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QR code creation.
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Standard e-invoice debit and credit note submission for clearance.
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Reporting requires the submission of a simplified e-invoice and a credit note.
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Invoices in XML format can be downloaded.
Our fast and reliable ZATCA e-Invoicing software can be the perfect solution for your business. We don't just focus on the efficacy of the system but also your ease of use and other features that will be tailored to your requirement. Contact us now for more information. Contact us now for more information.