In the last few years, Saudi Arabia has been one of the most progressive countries in terms of digital transformation, especially within the financial sector. Among those is the new e-invoicing system known as Fatoorah, which is a major step towards increasing the level of tax compliance, as well as the transparency and effectiveness of…
Moving towards the mandatory digital invoicing and tax compliance, Saudi Arabia screening such diverse areas of development, applying the electronic completion of business processes. FATOORAH stands for a state-of-the-art, new systematic program launched by the Zakat, Tax, and Customs Authority (ZATCA) in respect to digitalizing the whole process of generating invoices-up to receipt of such…
The advent of e-invoicing in the Kingdom has changed how businesses manage their financial functions. The Zakat, Tax, and Customs Authority (ZATCA) introduced the application of e-invoicing to bring automation and standardization into the Kingdom with regard to invoicing and all forms related to the invoicing process. This initiative is meant to perfectly obey the…
According to the Zakat, Tax and Customs Authority (ZATCA) E-invoicing in Saudi Arabia is part of the modernization of financial transactions; requiring businesses to prepare, issue and retain invoices electronically, so that they would be able to comply with tax regulations and enhance operational transparency. Not only does this meet the legal obligation, but it…
E-invoicing has emerged to become an integral part of the business environment in Saudi Arabia-importantly, small businesses value the use of e-invoicing for their cost-saving practices as they streamline the processes of their financial operations. The electronic invoice itself ensured a complete change from manual process businesses were implementing in carrying out transactions. The efficiency,…