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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 Insights

Your Guide to KSA E-Invoicing Phase 2

By:

Adel Daglas

25 Sep 20231 min read

The implementation of e-invoicing is making great strides in the Kingdom of Saudi Arabia (KSA). As Phase 2 unfolds, select groups of taxpayers are being incorporated, and the General Authority for Zakat, Tax, and Customs Authority (ZATCA) has rolled out multiple waves of taxable turnovers for integration with the FATOORA Portal.

Contents

Notably, KSA was the first GCC nation to mandate the digital exchange of invoices in a structured electronic format. The United Arab Emirates (UAE) Ministry of Finance announced plans to mandate real-time payments and e-invoicing for B2B transactions from July 2025. This involves an “E-billing System” project, aiming for nationwide implementation, automated tax returns, simplified filing and improved tax compliance.

These advancements highlight a significant shift to a more digital regional tax administration. While this change offers many benefits for taxpayers, their business partners and customers, it also presents challenges. Compliance requires taxpayers to master new technical requirements, ensure data readiness, and acquire skills to handle e-invoicing complexities.

In order to aid in this process, in collaboration with Thomson Reuters, we bring you a comprehensive guide. Download your copy now for insights on the requirements and the steps your organisation can take to remain compliant in the rapidly evolving landscape of e-invoicing and indirect taxation.

What’s covered in this guide?

An overview of the requirements to date
Details of the new integration and clearance model
Operation of the ZATCA Portal
Preparation strategies for Phase 2
Planning tips for the future

Your Guide to KSA E-Invoicing Phase 2

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