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Automate electronic invoices seamlessly In compliance with the requirements of the Kingdom of Saudi Arabia New electronic billing systems

gmtcc
2021-04-05

On the fourth of December 2020, the General Authority for Zakat and Income in the Kingdom of Saudi Arabia issued its new regulations for electronic invoicing, whereby all companies and individuals subject to VAT must develop systems that create and store electronic invoices before the fourth of next December. Saudi Arabia is planning to adopt international practices and increase compliance with tax obligations by mandating new electronic invoices. The kingdom also hopes to reduce the shadow economy and trade cover-up through this new rule.

In the coming stages, all those subject to VAT will be required to issue and store electronic invoices in an organized format compatible with the new regulations. Third parties that issue tax invoices on behalf of the residents will also be required to comply with the new electronic invoicing rule.

What is an electronic bill?
According to the newly approved law in the Kingdom, an electronic invoice is an invoice that is created and stored in an organized electronic system with all tax invoice requirements. Any handwritten or scanned invoices are not considered electronic invoices, as electronic invoicing solutions must be non-tamperable, and appropriate controls are required to be implemented to ensure data integrity, and it is also imperative that they be able to integrate into external systems via the API. (APIs).

Digitize your billing process using the ERP system provided by Global Integrated Company
The ERP system provided by Al Mutakamel Global Company can help you facilitate the creation and management of purchase orders and invoices for your daily operations to simplify the entire financial procedures according to the new electronic invoicing regulations. As a result of our years of experience and our implementation team, our in-depth knowledge of the industry provides solutions tailored to your company's business .