GAZT "General authority of Zakat & Tax" announced that its Board of Directors have approved the e-invoicing Regulation, which was published on Friday December 4th, 2020. According to the Regulation, an electronic invoice is defined as an invoice generated, stored and amended in a structured electronic format through an electronic system, which includes all the requirements of a tax invoice subject to VAT in Saudi Arabia.
The e-invoicing Regulation contains seven articles that regulate the mechanism in which taxable persons generate, amend and store electronic invoices, and clarifies the provisions, procedures and segments subject to them. Furthermore, the Regulation outlines the main executive rules and deadlines, with the Regulation taking effect on the date of its publication (December 4th, 2020) and the enforcement for taxable persons subject to it taking effect on December 4th, 2021.
GAZT invites all taxable persons to view the e-invoicing regulation through its website (www.gazt.gov.sa). For inquiries related to e-invoicing, taxable persons may contact the call center on the unified number (19993), 24/7 all weekdays.
The main reasons to implement electronic invoicing include (but are not limited to) the reduction of both shadow economy transactions and commercial concealment
The regulation draft was published earlier for public consultation on September 17th, 2020.
