Type: Legislation
The eighth wave is set to join Phase 2 from March 1 to June 30, 2024. The Zakat, Tax, and Customs Authority (ZATCA) has confirmed that taxpayers with an annual income between SAR 40 million and SAR 50 million in either 2021 or 2022 will be part of this wave. These businesses will need to comply with the national FATOORAH regime starting mid-2024, with the exact date communicated by ZATCA between March and June 2024. The initiation of Phase 1 took place in December 2021.
Businesses will need to adhere to the following guidelines:
- B2B XML invoices must be submitted to ZATCA for clearance under Continuous Transaction Controls (CTC).
- B2C invoices should be reported in a near-live format within 24 hours of being booked. While paper invoices are allowed for customers, the option to provide e-invoices is also available. In both scenarios, the inclusion of a QR Code is mandatory.
Effective date: March 1, 2024
