Accounting Software for Electronic Billing Services Simplified Tax Invoice As per Saudi Arabia Government

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Accounting Software as per Saudi Arabia (KSA) Government Workforce Model

In brief

The Zakat, Tax and Customs Authority (‘ZATCA’) has published a new guide providing explanation / clarification in relation to development of of a compliant QR code for E invoices.

In accordance with the e-invoicing Resolutions issued by ZATCA earlier, simplified invoices must contain a QR code containing certain prescribed information.

The guide can be downloaded from this link.

In detail

The guide issued by ZATCA provides some technical information/ clarification in respect of the following:

  • QR code specifications along with timelines to mention required details (generation vs integration phases) as detailed in the below table:

Description

Tag

Due Date

Seller’s name

1

4th           Dec 2021

VAT registration number of the seller

  2

4th Dec 2021

Time stamp of the invoice (date and time)

  3

4th Dec 2021

Invoice total (with VAT)

  4

4th Dec 2021

VAT total

  5

4th Dec 2021

Hash of XML invoice

  6

1st Jan 2023

ECDSA signature

  7

1st Jan 2023

ECDSA public key

  8

1st Jan 2023

For Simplified Tax Invoices and their associated notes, the ECDSA signature of the cryptographic stamp’s public key by ZATCA’s technical CA

  9

1st Jan 2023

  • Tag, Length, Value (also referred to as TLV) file format and its creation along with explanation of some common mistakes.

  • QR code presentation

Following the publication by the Kingdom of Saudi Arabia (KSA) General Authority of Zakat & Tax (GAZT) of the E-invoicing Simplified Tax Invoice with accounting software  regulations, Webs Utility Global has set out below our recommendations of actions businesses should take ahead of the new rules coming into effect.

Overview

GAZT issued the final Online electronic based invoicing with accounting software  (e-invoicing with accounting software ) regulations in Arabic on 4 December 2020, setting out that it will be mandatory for resident taxpayers to be fully equipped to issue, save and modify E-invoicing Simplified Tax Invoice s by 4 December 2021.

The regulations specify the terms, requirements and conditions related to Online electronic based invoices and Online electronic based credit and debit notes. That said, the exact type of E-invoicing Simplified Tax Invoice with accounting software  system is yet to be formally published; we expect to see this in the New Year.

It is important to note that the E-invoicing Simplified Tax Invoice with accounting software  regulations will attract all the provisions related to a tax invoice in the VAT legislation, and any non-compliance will result in penalties from GAZT.

The regulations also note that in addition to these regulations and the VAT legislation, the provisions relating to proof of Online electronic based transactions and Online electronic based signatures provided for in the Online electronic based Transactions Law in force in KSA shall apply to Online electronic based invoices and notes issued.

Along with the regulations, GAZT has also published an e-invoicing with accounting software  guide and FAQs.

Key provisions

The following key points should be considered by businesses operating in KSA:

  • E-invoices must be issued from 4 December 2021 (first phase).

  • At a later date, the second phase will come into effect, whereby taxpayers’ systems of issuing Online electronic based invoices and debit and credit notes must be linked with GAZT’s systems to share data and information.

  • Details of the requirements, controls, and procedures for the above phases will be issued no later than 180 days from the date of the publication of the regulations (4 December 2020).

  • E-invoices must be issued in Arabic (additional languages are permitted, in addition to the required Arabic).

  • The E-invoicing Simplified Tax Invoice with accounting software  provisions apply to all taxable supplies subject to the standard or zero rate of VAT and to both resident and non-resident consumers (i.e. for sales outside KSA).

Why is the KSA government implementing E-invoicing Simplified Tax Invoice with accounting software ?

The KSA government is implementing E-invoicing Simplified Tax Invoice with accounting software  for a number of reasons. These broadly fall into two categories: efficiency and security.

E-invoicing with accounting software  can increase efficiency in transactions by making trade more seamless, efficient, and result in faster payments and reduced costs, whilst providing the government with greater insights on market conditions. This also enables fair competition, increases business competitiveness and improves consumer protection in the market, in line with international best practices.

From a security perspective, E-invoicing Simplified Tax Invoice with accounting software  allows the government to detect and reduce the shadow economy and to monitor the movement of goods, services, and money in (near) real-time, depending on the model that will be implemented. This in turn would lead to achieving increased tax compliance rates, provide increased transparency on commercial transactions and allow data-informed decision making.



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