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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 Alert

Phase Two of E-Invoicing

By:

Adel Daglas

25 Oct 20221 min read

As phase one draws to an end, phase two becomes enforceable from 1 January, 2023 in waves.

Contents

The Zakat, Tax and Customs Authority (ZATCA) published its e-invoicing regulations on 4 December 2020, which was also effective from the date of publication. The regulations stipulated that e-invoicing would become mandatory for taxpayers by 4 December 2021.

As phase one draws to an end, phase two becomes enforceable from 1 January, 2023 in waves. Taxpayers must ensure they are prepared as follows:

1. Use a compliant invoicing solution with phase two requirements, which include:

Ability to generate and store e-invoices in the required format (XML) or (PDF/A3 with embedded XML) with the required fields.
Ensure the e-invoicing solution is compliant with the e-invoicing requirements including the ability to connect to the internet.

Phase Two of E-Invoicing

E-Invoicing Phase Two - Arabic

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