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Blog The Role of Tax in Driving Saudi Arabia’s Non-Oil Economy: Unlocking Opportunities in Emerging Sectors

In recent years, the Kingdom of Saudi Arabia (KSA) has embarked on a transformative journey to diversify its economy, reducing its dependence on oil revenues. With Vision 2030 as a guiding framework, the nation actively explores opportunities across various non-oil sectors, such as technology, tourism, and logistics. Tax policies and incentives are central to this ambitious agenda, and they are increasingly seen as pivotal tools for stimulating growth and attracting investment in these emerging sectors. This article examines how the Kingdom's tax landscape is evolving to support its non-oil economy and unlock opportunities for domestic and foreign investors.

| 4 min read | 08 Nov 2024

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Zakat and Tax

Our experienced tax team not only support core compliance but are at the leading edge of transformation and operational resilience in respect of the tax...

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Tax Update

Important Update on Electronic Invoicing Implementation in Saudi Arabia

By:

Adel Daglas

26 Nov 20231 min read

Following the recent announcement by ZATCA (The General Authority of Zakat and Tax) on November 17, 2023, through Umm Al Qura issue No. 5007, the 9th wave of taxpayers has been identified for implementing Phase 2 of e-invoicing. This wave now includes taxpayers whose taxable revenues exceeded SAR 30.00 Million during 2021 or 2022.

Contents

If you meet the specified criteria, you are required to integrate your e-invoicing solutions with the FATOORA platform offered by ZATCA. This integration process must begin no later than June 1, 2024. Additionally, you must create designated fields within your database and tax invoices to facilitate smooth integration and compliance. Your tax invoices should be generated in either XML format or PDF/A-3 format with embedded XML.

We share a concise overview of the sequence of target groups and significant timelines:

“In light of the rapidly evolving landscape of business transactions and digital economies, it has become imperative for businesses in the Kingdom of Saudi Arabia (KSA) to embrace e-invoicing as a transformative tool. E-invoicing not only streamlines financial processes but also significantly enhances operational efficiency. By automating invoicing procedures, businesses can reduce manual errors, accelerate payment cycles, and optimise resource allocation."

Adel Daglas, Head of Tax
Grant Thornton, Saudi Arabia

Important Update on Electronic Invoicing Implementation in Saudi Arabia

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