![]() With the advent of e-invoicing, inter-operability between two government portals - Invoice registration portal (IRP), which is designated for validation and signing of e-invoices, and GST return portal, for transaction reporting and return filing - was tested. Year 2020 witnessed not only high adaptability in businesses at the onset of a pandemic but also in the way the government and enterprises successfully implemented the electronic invoice regime in India. A connection with e-way bill system has been established for singular reporting of common data. In addition, a central de-duplication facility has been operationalized to ensure that the same transaction is not reported multiple times. ![]() As it was unviable to effectively detect and eliminate tax evasion and optimization practices by chasing paper trails, e-invoices were introduced on 01 October 2020. Several measures like notice on account of variance/difference in data reported in returns and e-waybill related checks during transportation etc., have been adopted to plug holes. EDICOM’s technical and regulatory experience enables it to rapidly and effectively implement new solutions in new countries.ĮDICOM’s International Electronic Invoicing Platform for the issuance and reception of electronic invoices is adaptable to the specifications of each country where you and your partners operate and is constantly updated to ensure compliance.As we contemplate real-time reporting and e-invoicing, let us take a step back and evaluate the challenge faced by tax administrators - the difference between the expected GST revenue and the actual amount collected.Īmong the factors that could cause such a gap are possible tax evasion, incorrect reporting, and administrative errors. Currently, EDICOM operates in over 75 countries and offers electronic invoicing solutions for electronic invoicing systems around the world. EDICOM Global e-Invoicing SolutionĮDICOM is a technology provider specializing in Electronic Data Interchange and e-invoicing solutions. The following security mechanisms must be implemented to guarantee the integrity of the invoices: digital signature, unique universal identifier (UUID), the generation of a hash, and a QR code. The electronic invoicing solution must be able to connect to the internet and integrate with external systems through the ZATCA’s API. As of March 1st, 2024, taxpayers obliged to integrate their e-Invoicing systems with the FATOORAH platform are those with VATable income exceeding 40 million Saudi Rials.ĭuring this phase, the following requirements must be followed: all electronic invoices including tax invoices or simplified tax invoices, and their associated documents must be generated in an XML or PDF/ A-3 (with XML) format.As of February 1st, 2024, taxpayers obliged to integrate their e-Invoicing systems with the FATOORAH platform are those with VATable income exceeding 50 million Saudi Rials.As of January 1st, 2024, taxpayers obliged to integrate their e-Invoicing systems with the FATOORAH platform are those with VATable income exceeding 70 million Saudi Rials.As of December 1, 2023, taxpayers obliged to integrate their e-Invoicing systems with the FATOORAH platform are those with VATable income exceeding 100 million Saudi Rials.As of November 1, 2023, taxpayers obliged to integrate their e-Invoicing systems with the FATOORAH platform are those with VATable income exceeding 150 million Saudi Rials.As of October 1, 2023, taxpayers obliged to integrate their e-Invoicing systems with the FATOORAH platform are those with VATable income exceeding 250 million Saudi Rials.As of July 1, 2023, taxpayers that are obliged to connect to ZATCA are those with revenues subject to VAT surpassing SAR 0,5 billion.As of January 1, 2023, the first wave companies that are obliged to connect to ZATCA are those based on the revenue subject to VAT for the year 2021 exceeding (3 billion) SAR.ZATCA will inform at least six months in advance of the integration date. This phase will be carried out gradually. Optionally issuers can add a QR code to B2B invoices but must include it on the simplified B2C invoices. The mandatory fields that must be included in the electronic invoice in phase 1 are the VAT number of the buyer if registered as a taxpayer mandated to invoice the issuance date of the invoice and the VAT. Manual invoices will no longer be accepted The system must also archive and generate an electronic copy for the client. Taxpayers will have to issue electronic invoices with a compatible system that allows the required fields to be represented in the electronic invoice. Phases of the FATOORAH e-Invoicing project Phase 1: December 4th, 2021
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