|Update:||Compliance Alert - ZATCA has defined taxpayers required to comply with Phase 2 requirements as of 1 January 2023|
On 24 June 2022, ZATCA announced that taxpayers with annual revenues subject to VAT exceeding SAR 3 billion (ca. EUR 750 million) will be included in the first wave of businesses to comply with Phase 2 e-invoicing requirements.
Businesses included in the first integration have will have to comply with Phase 2 requirements starting from 1 January 2023 and no later than 30 June 2023.
Taxpayers falling in this wave should meet all ZATCA e-invoicing requirements and fully integrate all their electronic solutions with ZATCA systems by the end of the above-mentioned date. Taxpayers not compliant by 1 July 2023 will face penalties.
ZATCA published in the official gazette that it will notify the concerned taxpayers directly via its official channels to confirm who is part of the wave 1 timelines.