|Update:||Compliance Alert - ZATCA announces participant requirements for the sixth wave of Phase 2|
On 16 June 2023, ZATCA announced the threshold amount for taxpayers to comply with Integration Phase requirements from 1 January 2024.
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 sixth wave of Phase 2 (Integration Phase) are taxpayers with revenues subject to VAT surpassing SAR 0,07 billion (ca. EUR 17 million).
Businesses in the scope should prepare to adhere to the new regulation.