Abacus Granted Official Authorization as E-invoicing Solution Provider in Saudi Arabia by ZATCA.
July 17, 2023
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The Kingdom of Saudi Arabia (KSA) has initiated the E-Invoicing directive with the deadline for the first phase set as 4th December 2021. In compliance with government regulations, Abacus Cambridge Partners is pleased to announce that we are now part of the Zakat, Tax, and Customs Authority (ZATCA), formally known as the General Authority of Zakat and Tax (GAZT), qualified solution providers list.
The E-invoicing directive will be distributed over two phases. The first phase, enforceable as of December 4th 2021, applies to all parties issuing VAT invoices within the Kingdom’s border. Electronic invoicing will be similar to current rules, except that e-invoices must be issued by an electronic system along with all mandatory information (as per the regulation). This means invoices generated manually, outside electronic accounting software, will not be considered valid invoices.
For our existing patrons, we are glad to confirm that the SAP Business One solution fully meets the standards for the first stage of the ZATCA e-invoicing rules.
All present consumers have the ability to inquire about services from Abacus to confirm if they are meeting the requirements for the regulation. They can also seek our services to implement modifications, if necessary. For businesses dealing in B2C transactions (Simplified Tax Invoices), please note that printing QR Codes on e-invoices and credit notes has now become obligatory.
For businesses managing B2B dealings, printing QR codes is elective. Note that the newest release of SAP Business One ( Release 10) supports QR code development by default and merely requires print format redevelopment to fulfill this necessity. All Abacus clients working in business-to-consumer transactions must upgrade to the most up-to-date SAP Business One version to satisfy this necessity.
To gain extra information about electronic invoicing read our website article on Saudi Arabia's release of electronic invoicing.