Introduction
The Zakat, Tax, and Customs Authority in the Kingdom of Saudi Arabia – ZATCA – has announced Wave 22 of Phase Two of E-invoicing known as ” The Integration Phase “. This announcement is part of ZATCA’s efforts to enhance financial transparency and ensure tax compliance across the Kingdom for all taxpayers.
Wave 22: Who is Included?
Wave 22 includes taxpayers whose annual taxable revenues exceeded SR 1 million during the years 2022, or 2023, or 2024. Under this announcement, these taxpayers must ensure their businesses are ready by connecting their systems with the FATOORA platform before the final deadline set by ZATCA which is December 31, 2025.
Key Requirements For Phase Two Integration of E-invoicing
Businesses are required to meet several key requirements, this includes:
- Direct integration with the FATOORA platform.
- Issuing invoices in an electronic format that comply with the specified standards.
- Including mandatory data, such as the (QR) Code.
- Providing secure electronic storage solutions for storing invoices.
Notification Period
Businesses included in this Wave 22 will receive an official notification six months prior to the official compliance date to ensure they have enough time to integrate their systems with ZATCA for Phase Two.
The Role of InvoiceQ in Supporting Compliance
As a ZATCA Phase Two listed provider, InvoiceQ offers integration solutions that help businesses comply with E-invoicing requirements. Key features include:
- Issuing E-invoices compliant with the requirements of Phase One and Phase Two.
- Seamless integration with internal systems without changing them.
- Ongoing technical support to ensure smooth and easy integration for all updates.
InvoiceQ Success Stories
InvoiceQ has provided advanced solutions to several large companies across various sectors in Saudi Arabia, including government, transportation, services, retail, and industry.
Notable Achievements of InvoiceQ
- $6 Billion: Annual value of issued invoices.
- 20+ Million: Electronic invoices issued annually.
- $10+ Million: Costs saved for customers.
Prominent InvoiceQ Clients
InvoiceQ offers reliable solutions that meet the needs of a wide range of businesses, reflecting its strong position in the Saudi market and its success in serving numerous key clients based on their individual needs.
Key Features of InvoiceQ System
- Full compliance with the requirements of the ZATCA.
- Invoice customization; designing invoices according to the company’s identity, including logo, payment details, and customer information.
- Easy and quick upload of bulk invoices.
- Real-time payment tracking to ensure precise financial management.
- Integration with payment gateways like “SADAD” and “Telr” to simplify E-payment processes.
- Automatic notifications of important updates.
- Advanced analytical reports for better financial insights and strategic decisions.
- Compatibility with various ERP systems such as Microsoft Dynamics, QuickBooks, Xero, JD Edwards, and more, ensuring smooth integration with business systems.
