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FinancialNews
11-09-21
Saudi Arabia to set country’s e-invoicing project within three months
(MENAFN) Zakat, Tax and Customs Authority (ZATCA) reported that the first phase of Saudi Arabia’s e-invoicing project, Fatoorah, is planned to be effectual within three months.
The project is planned to have advantages for the Saudi economy, as well as addressing commercial cover up and the “shadow economy,” that expenses the Kingdom up to SR400 billion (USD107 billion) yearly.
Buyers and sellers are going to have a digitized system that permits the smooth exchange and processing of invoices, credit notes, and debit notes, under the new regulation.
According to Saudi financial analyst Talat Zaki Hafiz, “It is expected that the project will have a tangible impact on the national economy by curtailing the shadow economy and tackling commercial concealment.”
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