In KSA, The Zakat, Tax and Customs Authority (ZATCA) continues to announce the responsible companies respectively within the scope of phase 2 regarding the implementation of mandatory e-Invoicing. Announcement made by ZATCA in the current process, the turnover of the companies that will be responsible for the 8th phase of the phase 2 scope has been announced.
According to this announcement, the timeline has been updated as follows;
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- Wave 1: taxpayers with an annual turnover of over SAR 3 billion are obliged from January 2023.
- Wave 2: tax resident businesses with a turnover of over SAR 500 million will be mandatory from July 2023.
- Wave 3: taxpayers with an annual income of over SAR 250 million will be liable from October 2023.
- Wave 4: taxpayers with annual income between SAR 150 million and SAR 250 million will be liable from November 2023.
- Wave 5: From December 2023 is subject to all taxpayers whose VAT income for 2021-2022 exceeds SAR 100 million.
- Wave 6: From January 2024, all taxpayers whose VATable income in 2021-2022 exceeds SAR 70 million will be obliged to issue e-Invoices.
- Wave 7: From February 2024, all taxpayers whose income subject to value added tax in 2021 or 2022 exceeds SAR 50 million.
- Wave 8: Covers all taxpayers whose VATable income exceeds SAR 40 million in 2021 or 2022.
You can reach the official announcement here.
