SNI’s Post

The Zakat, Tax, and Customs Authority announced that it will begin notifying establishments in the fourteenth group about integrating their electronic billing systems with the Fatura system starting February 1, 2025. This second phase of electronic invoicing involves additional requirements compared to the first phase, including linking electronic billing systems with Fatura, issuing invoices in a specific format, and adding extra elements to invoices. The implementation will be gradual and establishments will be notified at least six months in advance. Click the link to read more: https://lnkd.in/dfTKTdvk #sni #snitechnology #taxnews #zatcanews

The Zakat, Tax and Customs Authority (ZATCA) has established the criteria for selecting establishments to be included in the thirteenth group for the “linking and integration” phase of electronic invoicing. ZATCA clarified that this group consists of all establishments with revenues subject to value-added tax exceeding 7 million riyals during the years 2022 or 2023. Click the link to learn more: https://lnkd.in/dzi2htSm #sni #snitechnology #taxnews #zatcanews

🌟 A Significant Milestone from Zakat, Tax and Customs Authority (ZATCA) 🌟 On 22 March 2024, the Zakat, Tax and Customs Authority (ZATCA) announced the issuance of a new Zakat Implementing Regulation by the Zakat, Tax and Customs Authority (ZATCA), marking a significant milestone in the realm of financial compliance. The new Zakat Implementing Regulation heralds a comprehensive framework aimed at addressing ambiguities, consolidating previous directives, and simplifying procedures for both taxpayers and regulatory bodies. Notably, this regulation supersedes all preceding regulations, decisions, instructions, and circulars pertaining to Zakat collection, ensuring a cohesive and unified approach towards compliance. It nullifies any provisions that may contradict its directives, in accordance with the meticulous details outlined in the ministerial decision. This new regulation, introduced through Ministerial Resolution No. 1007 dated 29 February 2024, which was electronically published in the Official Gazette (Umm Al-Qura) on 21 March 2024 replaces the previous regulation issued in 2019. Key changes in the General Zakat Rules include: 1. Exemptions for Non-Resident Saudi/GCC Individuals and Charities/Non-Profit Organizations. 2. Guidelines for Zakat calculation in cases of activity cessation. 3. Year-end Zakat calculation based on ownership percentage. 4. Specific rules for Zakat calculation in mergers. 5. Clarification on Zakat rate calculation and consolidated return filing. Moreover, the new regulation brings flexibility by allowing the application to financial years starting on or after 1 January 2024, with the option to apply it to prior financial years subject to ZATCA's approval. This regulatory update aims to streamline Zakat compliance, promote transparency, and ensure fairness for all stakeholders. #Zakat #Regulation #Compliance #Finance #GCC #SaudiArabia #Taxation

The Zakat, Tax, and Customs Authority has outlined criteria for selecting businesses in the sixteenth group to implement the "linking and integration" phase of electronic invoicing. This group comprises establishments whose revenues subject to value-added tax exceed 3 million riyals in 2022 or 2023. These establishments will be notified and required to integrate their electronic billing systems with the Fatora system by April 1, 2025. Click the link below to read the full article. https://lnkd.in/g3NkEMiU #sni #snitechnology #taxnews

Zakat, Tax and Customs Authority (ZATCA) determines the criteria for selecting the targeted taxpayers in the eleventh wave for implementing the "Integration Phase " of E-invoicing, as it clarified that the eleventh wave included all taxpayers whose revenues subject to VAT exceeded (15 million Saudi Riyals) during 2022 or 2023. ZATCA will notify all targeted taxpayers in the eleventh wave to integrate their e-invoicing solutions with the (FATOORA) Platform from 1 November 2024. #KSAtax #ZATCA #Einvoicing https://lnkd.in/ei-7AYSe

ZATCA Wave 16 Announced! 🚀 📈 The Zakat, Tax and Customs Authority (ZATCA) has officially announced the criteria for the 16th wave of the Phase 2 e-invoicing integration on 27 Sep 2024, set to take effect from April 1, 2025. This wave targets taxpayers in Saudi Arabia with revenues exceeding SAR 3 million during 2022 or 2023. Reference: https://lnkd.in/gAa86gue Key Highlights: Integration Phase: Taxpayers must integrate their e-invoicing solutions with ZATCA’s platform, Fatoora. Compliance Requirements: This phase includes additional requirements such as issuing e-invoices in a specific format, QR code for both Simplified & Standard invoices and including extra fields in the invoices This initiative is part of Saudi Arabia’s broader economic development and digital transformation efforts, aiming to enhance transparency and efficiency in the tax system. Let’s embrace this change and work towards a seamless transition to the new e-invoicing standards! 🌟 #ZATCA #EInvoicing #DigitalTransformation #SaudiArabia #TaxCompliance

|🔔Upcoming event | Current Direction and Trend of Transfer Pricing Audit (invitation only) 📅Tuesday 14 May 2024 ⌚Time: 10:00 a.m. to 12:00 p.m. 📍Venue: The Hive, KPMG in Thailand The Thai Revenue Department (“TRD”) has officially enacted transfer pricing laws in Thailand, which have been effective since fiscal year 2019. Consequently, the TRD has received transfer pricing disclosure forms from companies engaging in intercompany transactions. With the continuous development of the TRD’s internal information technology system, the TRD can analyze and select taxpayers to conduct transfer pricing audit more efficiently. Accordingly, it is essential for taxpayers to develop an awareness of the direction and trend of transfer pricing audit to manage possible transfer pricing risks associated with intercompany transactions. This seminar will discuss transfer pricing audit cases, the type of intercompany transactions selected by the TRD for transfer pricing audit, and in-depth information on how to prepare in case of transfer pricing audit. The topics included in this seminar are as follows: ✔️ Current direction and trend of transfer pricing audit ✔️ Criteria for selecting a taxpayer for transfer pricing audit and the transfer pricing audit process ✔️ Type of transfer pricing audit cases experienced by KPMG transfer pricing professionals and other related tax issues under the Thai Revenue Code and Customs Duty 🌐For more details, click: https://bit.ly/3UQwaR4 Chollatip Santitorn Nattaphon Dejchanchaiyut #TransferPricing #KPMGevents

E-Invoicing in Kingdom of Saudi Arabia Zakat, Tax and Customs Authority Determines the Criteria for Selecting the Targeted Taxpayers in Wave 10 for “Integration Phase” of E-invoicing. - It clarified that the tenth wave included all taxpayers whose revenues subject to VAT exceeded (25 million Saudi Riyals) during 2022 or 2023. - All targeted taxpayers in the tenth wave to integrate their e-invoicing solutions with the (FATOORA) Platform from 1 October 2024. Read full news here: https://lnkd.in/dDR62yVP #einvoicing #ereporting #einvoice #saudiarabia #vat #tax #vatcompliance #taxcompliance #zatca #avalara

On August 30, Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) announced the criteria for selecting taxpayers for the Fifteenth Wave of the "Integration Phase" of E-invoicing. This wave targets all taxpayers whose revenues subject to VAT exceeded SAR 4 million during 2022 or 2023. Key Details: - Targeted Taxpayers: The Fifteenth Wave includes taxpayers who meet the revenue threshold and will be required to integrate their E-invoicing solutions with ZATCA’s (Fatoora) Platform by March 1, 2025. - Integration Phase Requirements: This phase introduces additional requirements compared to the previous "Generation Phase." Taxpayers must integrate their E-invoicing systems with the Fatoora platform, issue E-invoices in a specified format, and include additional fields in the invoices. - Phased Implementation: The Integration Phase of E-invoicing will be implemented gradually in waves. ZATCA will notify each subsequent wave at least six months before their integration date. - Digital Transformation: The launch of Phase Two is part of Saudi Arabia's broader economic development and digital transformation initiatives. The success of Phase One, which began in December 2021, played a significant role in raising the level of consumer protection and improving tax compliance within the Kingdom. - Background on Phase One: The Generation Phase of E-invoicing, introduced on December 4, 2021, required taxpayers to stop generating handwritten or basic computer-generated invoices and to adopt a technical solution for E-invoicing that meets specific requirements, including generating and storing E-invoices with a QR code and other mandatory fields. For more updates on regulatory developments and digital transformation initiatives in Saudi Arabia, unlock cutting-edge legal intelligence with our subscription free platform — stay ahead in your industry! Explore GRI : https://lnkd.in/gZmkUPim #SaudiArabia #EInvoicing #DigitalTransformation #TaxCompliance #GRI

The Zakat, Tax, and Customs Authority (ZATCA) has announced the 14th wave of taxpayers required to implement Phase 2 of e-invoicing integration. This phase includes taxpayers with taxable revenues exceeding SAR 5 million in 2022 or 2023. Effective February 1, 2025, these businesses must integrate their e-invoicing systems with the FATOORA platform. For further information, please read our brief alert, which provides detailed insights on each wave of implementation. Read further here: https://lnkd.in/dnSee8VD #Tax #VAT #EInvoice #ZATCA #KSA #SaudiArabia #Finance #Compliance