Fatoorah Project in the Kingdom of Saudi Arabia

When?

4 December 2020

• Release of final e-invoicing regulations.

24 August 2021

• Launch of 'Fatoorah' Project

4 December 2021

     Phase 1 Generation Phase

• Targeted taxpayers are required to comply with e-invoicing regulations.
• Non-Compliance penalties will apply.

1 January 2023

     Phase 2 Integration phase

• Integration of the electronic solutions with ZATCA's systems
• To be rolled-out in waves by targeted taxpayers group.

What?

• Converts the paper invoices and notes into electronic documents.
• To be done using an integrated electronic solution.

Who?

• KSA resident taxable person.
• Customers or any third party that issues tax invoice on behalf of a KSA resident taxable person.

How?

• Any solution provider in ZATCA's indicative list
• Any other solution provider compliant with the e-invoicing regulations.

Key Takeaways

Cover companies should:

• Assess if their current invoicing system is in ZATCA's indicative list and if it's compliant with the new e-invoicing regulations.
• Company with the standards, requirements, technical specifications, and procedural rules stipulated in the e-invoicing regulations within the deadline.