new electronic invoicing system
The New Electronic Invoicing System
The term “new electronic invoicing system” or “new e-invoicing system” is set to become increasingly common in the coming period. Several governments, such as the Kingdom of Saudi Arabia, have mandated the implementation of this system in the near future.
Electronic invoicing refers to the direct connection of sales and invoices from stores and shops to the tax authority, regardless of its specific name. With each invoice issued by a store, a copy will be automatically uploaded to the tax authority for immediate tax calculation on the liable individual or business owner. This system is designed to prevent any manipulation of tax figures or tax evasion, as outlined in the Unified Agreement for Value Added Tax of the Gulf Cooperation Council and the Value Added Tax Law and its Executive Regulations.
New electronic invoice system or new electronic invoicing system
It is worth noting that an electronic invoice is a tax invoice issued in a regulated electronic format through an electronic means, and a paper invoice that is converted into an electronic format by copying, scanning, or any other method is not considered an electronic invoice for the purposes of these regulations.
New electronic invoice system or new electronic invoicing system
It also depends on electronic notices or debit and credit notices issued in accordance with the value-added tax system and its executive regulations, which are also issued in a structured electronic form through an electronic means. Paper notices that are converted into an electronic form by copying, scanning, or any other method are not considered They are electronic notices for the purposes of these.
New electronic invoice system or new electronic invoicing system
The systems for issuing electronic invoices and electronic notifications will also be linked to the Authority’s systems with the aim of sharing data and information in accordance with the specified controls, technical requirements and procedural rules that will be approved and issued by a decision of the Governor based on the provisions of these regulations.
New electronic invoice system or new electronic invoicing system
As for the persons obligated to issue electronic invoices and electronic notices, they are those persons subject to the provisions of these regulations as stipulated in Article Three thereof, such as persons subject to this tax and residing in the Kingdom, or those who issue this invoice on behalf of the person subject to it, and in order not to be subject to such penalties. You can choose a qualified professional program to carry out these operations, as it will issue this invoice automatically without the slightest difficulty for you, so that you are safe from these penalties.
