Erpisto #1 E-invoicing Fatoorah Saudi Arabia Recently, the Zakat, Tax and Customs Authority announced that Erpisto is a certified e-invoicing solution provider to businesses in Saudi Arabia.
In 2018, VAT was introduced in Saudi Arabia with a standard rate of 5% and a few exceptions that are exempt or zero-rated. To mitigate the impact of the global pandemic in 2020, the VAT rate was increased to 15%. The next major change in the VAT system is the introduction of electronic billing. It will go into effect on 4/12/2021.
This change is intended to improve tax revenue, increase VAT compliance, and streamline the invoicing process. This allows tax authorities to identify fake invoices by matching input tax credit with output tax via the ZATCA portal.
Erpisto #1 E-invoicing Fatoorah Saudi Arabia
What is e-invoicing?
E-invoicing Fatoorah Saudi Arabia allows businesses to generate electronic invoices using an authentication technique. After being electronically authenticated, the tax invoices are sent to the ZATCA portal in an easily readable format. The e-invoices contain all information found on a paper invoice such as date, customer details, goods or service sold, invoice amount, and VAT breakup. However, they are electronically stored and include additional fields. E-invoicing is available to all Saudi Arabian taxpayers who issue tax bills and any third party who issues tax invoices for residents.
It is possible to reduce the risk of invoice manipulation by authenticating invoices before actual transactions occur. E-invoicing allows tax authorities to share a common database. This helps in real-time tracking of B2B, B2G, and B2C transactions and reduces audits.
Phases of implementation
Saudi Arabia will implement the e-invoicing system in two phases.
The first phase is now open on 4 December 2021. All taxpayers should have the ability to create, edit and store electronic invoices in specific formats by the deadline.
The second phase of implementation will be a gradual start and will begin on January 20, 2023. The e-invoicing software that taxpayers use must be integrated with ZATCA’s portal for e-invoicing to allow Continuous Transaction Controls (CTC), to start. Before sending invoices to buyers, taxpayers should get their invoices authenticated through the ZATCA portal.
How can Erpisto help?
To authenticate your business, all invoices, credit notes, and debit notes must be submitted electronically to the ZATCA portal. After successful authentication of the invoice, a Universally Unique Identifier (UUID), and a QR code will be generated and added to that transaction. It is now a valid electronic invoice that the seller can issue the buyer. Erpisto has all the necessary features included to make e-invoice Saudi Arabia easy for taxpayers. Here’s how it works:
Easy one-time setup
Enabling e-invoicing in Erpisto gives you all the features and automation needed to upload invoices to the ZATCA electronic billing portal. You can also customize your invoice templates with QR codes or e-signatures.
Curb unauthorized access
According to the ZATCA guidelines we don’t allow anonymous access transactions or records. To protect their accounts, users must create passwords and use multi-factor authorization. They are not allowed to use the software without a factory or default password. Administrator users can grant access rights to other users to ensure they only have access to the modules and features that are relevant to their roles. Logs can also be created by the system, which tracks user sessions and allows them to be accessed immediately if needed.
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Create and manage e-invoices and associated notes
Smart validation: Erpisto makes it easy to create and print e-invoices that are error-free. To identify any violations, incorrect data entry, or missing mandatory fields, the transactions are preemptively validated before you create an invoice.
Bulk eInvoices: To authenticates your transactions, you can upload invoices and any notes to the ZATCA portal bulk. Within seconds, your transactions will be authenticated.
E-invoice adjustments: Made an error in an e-invoice? Erpisto lets you create debit or credit notes with the appropriate values to correct an error.
Transaction archive companies are required to keep records for all transactions for five years. The users can export transactions and store them for the entire retention period.
Protect your transactions and records
According to the ZATCA guidelines altering invoices and associated notes or tampering with log entries or timestamps is not allowed. Erpisto prevents users from altering, deleting, or tampering with their timestamps. This helps to avoid compliance errors. The software’s activity logs are not editable and show the stage-by-stage progression of each transaction.
Want to see it work?
The implementation of e-invoice in Saudi Arabia is expected to be a game-changer for businesses across all sectors and it is high time you start preparing for this new system. While you transition to electronic invoicing, Erpisto will be your best friend. You’ll have the ability to issue paperless invoices electronically and follow all ZATCA guidelines.
We are delighted to offer a series of free webinars and guides, FAQs, and help documentation about e-invoicing in Saudi Arabia. These will help you to set up Erpisto, use it, and make this change.
Do you want to test it? Write to us at email@example.com and we’ll provide early access for you! If you have any questions or require clarification regarding E-invoicing Fatoorah Saudi Arabia, please leave a comment below.
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