The digitalization of companies is a reality, which is why more than 80% of countries already use electronic invoicing in their companies due to the benefits that this entails. One of the latest countries to join the use of B2B e-invoicing is Saudi Arabia.
By the end of 2021, Saudi Arabia will make the use of electronic invoicing mandatory with the Fatoorah project promoted by the Zakat tax authority, Tax and Customs Authority. All resident taxpayers must use the e-invoice. Also suppliers who issue invoices on behalf of companies resident in Saudi Arabia. Within this group, there will be no exceptions either by tax rate or by country of destination of the invoice.
Since December 4, its implementation begins and the Saudi Tax Authority Zakat, Tax and Custom Authority – ZATCA, has established two phases for its massification process.
The new system is part of the government's digital transformation initiatives marked in the Kingdom's Vision 2030 plan.
The Saudi authorities expect the project to have a very positive impact on the country's economy and it is, among others, an opportunity for multinational companies to benefit from the advantages of global or multi-country e-FACTURA projects.
With the implementation of THE SERES Multi-Country Invoice solution, companies will be able to benefit from a series of advantages: ,
- It adapts to the regulations in force in each country: it is a solution that complies with all the legal and technical requirements established in each of the countries. In addition, electronic invoicing streamlines the entire workflow between subsidiaries or companies that are not located in the same country.
- Coordination in the exchange of internal information: with our service your company will have a single point of collaboration in which the information is integrated automatically and from which you can generate your reports.
- Real-time visibility: you will have all the information of your subsidiaries in real time, which will allow you to manage your treasury, debts and accounts payable more efficiently.
- Global operator: each of your subsidiaries should not adapt to the same provider, but this adaptation will be carried out automatically and with a support and help service throughout the activation.
Contact us and learn here the benefits of SERES solution for global e-Invoicing
