By 2017, private sector firms of Saudi Arabia mandates to adopt B2B e-invoicing/ electronic billing in all accounting departments. The mandate is usually enforced by the Department of Zakat and Income Taxes (DZIT) and comes ahead of the introduction of new taxes across the kingdom over the next two years.
Saudi Government adopts a new taxation initiative as the part to diversify its revenue streams making the reduction in oil prices.
Saudi Organization for Certified Public Accountants (SOCPA) announced the transition to e-billing that paves the way for imposing the sales tax in the kingdom. The start of 2018 in Saudi Arabia plans to impose a 5 percent value-added tax as a part of the Unified Gulf Cooperation Council Agreement.
Simplify the B2B e-invoicing process using an appropriate solution like Invoicera with benefits like:
- – Integration with legacy systems (ERP and CRM solutions)
- – Multicurrency and Multilingual support
- – Account receivable and account payable management
- – Custom workflow management
- – Receive payments online
- – Financial reporting and analysis
- – Recurring billing
- – Client/vendor panels
- – Online payments through 25+ payment gateways