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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

Wave 14 Implementation of E-Invoicing in Saudi Arabia.

By:

Adel Daglas

28 Jul 20241 min read

On Friday, 26th July 2024, Zakat, Tax and Customs Authority (ZATCA) announced, through Umm Al Qura issue No. 5040, the 14th wave of taxpayers required to implement Phase 2 of e-invoicing integration. This phase now encompasses taxpayers whose taxable revenues exceeded SAR 5.00 million in 2022 or 2023.

Contents

Starting February 1, 2025, these businesses must integrate their e-invoicing systems with the FATOORA platform. This integration is part of ZATCA’s ongoing efforts to enhance the efficiency and transparency of the tax system, ensuring real-time processing and validation of electronic invoices.

Businesses within this revenue bracket must prepare to align their invoicing processes with the technical and procedural requirements outlined by ZATCA. This includes ensuring their systems can generate, store, and exchange electronic invoices that comply with the specified standards.

Integrating the FATOORA platform is expected to streamline tax compliance, reduce the administrative burden, and minimise errors associated with manual invoicing. ZATCA encourages all affected businesses to begin their preparation well before the deadline to ensure a smooth transition and avoid any potential penalties for non-compliance.

This announcement underscores ZATCA's continued commitment to modernising tax administration in Saudi Arabia, fostering a more robust and transparent economic environment for businesses.

Review the full schedule below.

Wave 14 of E-invoicing in Saudi Arabia

Zakat, Tax and Customs Authority Determines the Criteria for Selecting the Targeted Taxpayers in Wave 14 for “Integration Phase” of E-invoicing.

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Wave 14 Implementation of E-Invoicing in Saudi Arabia.

Wave 14 of E-invoicing in Saudi Arabia

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