Global Daily Tax News, Saudi Arabia To Further Expand E-Invoicing Regime, (Nov 21, 2023)
Saudi Arabia is to again expand its electronic invoicing regime to more taxpayers from June 1 2024.
Under what will be the ninth phase of the rollout of the regime, electronic invoicing obligations will newly apply to taxpayers whose taxable supplies amounted to SAR30m (USD8m) or more during 2021 or 2022. These taxpayers will be required to comply with the requirement by September 30, 2024, at the latest.
Businesses are required to digitally link their systems with the tax agency's FATOORA Platform. In addition, taxpayers are required to structure their electronic invoices using a defined electronic format that, since the start of this year, includes additional elements.