|Update:||Compliance alert – ZATCA announced criteria for taxpayers in the scope for Phase 2 second wave|
With the second wave approaching in the next six months, ZATCA has released the taxpayer's criteria that will need to adhere to Phase Two (Integration Phase) requirements.
The second wave of Phase Two encompasses taxpayers with VAT-subject revenues surpassing SAR 0,5 billion (ca. EUR 124 million) during 2021. This group of businesses should be prepared to transition to Phase Two by 1 July 2023.
In addition, Phase Two involves several additional requirements. Integrating the e-invoicing solution to the (FATOORA) platform, sending electronic invoices in a specific format and including further fields are some of the changes that the Integration Phase imposes.