|Update:||Compliance Alert – ZATCA establishes criteria for the fourth wave of Phase 2|
On 28 April 2023, ZATCA announced that the criteria for taxpayers required to comply with the Integration Phase requirements from 1 November 2023 have been established.
The Kingdom of Saudi Arabia is further extending requirements for taxpayers to adhere to the requirements for obligatory issuance of electronic invoices and integration to the FATOORA platform.
The required participants for the fourth wave of Phase 2 (Integration Phase) are taxpayers with revenues subject to VAT surpassing SAR 0,15 billion (ca. EUR 37 million).
Businesses in the scope should prepare to adhere to the new regulation.