ZATCA announced Wave 12 under Phase to modernize and improve the country’s tax infrastructure. This wave expands the range of integration available to companies and highlights ZATCA’s dedication to the transformation of the economy through technological advances. This is a brief summary of the announcement:
Key Highlights:
Wave 12 Application:
Companies with a turnover of more than SAR 10 million by 2022, 2023 or 2030 have to join the Fatoora portal from the 1st of January 2024..
Phase 2 Requirements:
Integration with Fatoora: Businesses have to connect their e-invoicing software ZATCA portal.
Enhanced invoice content: Additional fields have to be added in invoices including tax number ksa.
ZATCA-compliant formats: Issue invoices on the format that is prescribed.
Timeline for Waves Announced to Date:
Wave 1: The turnover should be greater than 3.0 billion SAR, integrate before 1st January 2023.
Wave 2: From SAR 500million to SAR 3 billion from 1st July 2023.
Wave 3: From SAR 250 million up to SAR 500 million from 1st October 2023.
Wave 4: $150 million to SAR 250 million from 1st November 2023.
Wave 5: from SAR100 million up to SAR 150 million on December 1st, 2023.
Wave 6: SAR 70 million – 100 million from January 1st, 2024.
Wave 7: SAR 50 million to SAR 70 million from 1st February 2024.
Wave 8: SAR 40 million to SAR 50 million from 1st March 2024.
Wave 9-11: 30-35 million to 25 million turnover by 1st June 2024.
Wave 12: From SAR 10 million up to SAR 15 million from 1st December 2024.
Progress and Vision:
Phase 1 Success: Launched on 4 December 202, it eliminated invoices that were written by hand and not compliant with computers as well as QR codes and increased awareness of taxpayers.
Phase 2 Objective Goal: To encourage digital transformation, improve consumer protection and boost the development of our economy through innovative electronic invoicing solutions.
This systematic rollout means that firms have ample time to plan for wave 13, opening the way to a fully digital invoicing system within Saudi Arabia.