ZATCA Announces Wave 6 Criteria for VAT Taxpayers

The Zakat, Tax and Customs Authority (ZATCA) has announced the criteria for selecting taxpayers in Wave 6 for implementing the "Integration Phase" of E-invoicing. The sixth wave includes all taxpayers whose revenues subject to VAT exceeded (70 Million Saudi Riyals) during 2021 or 2022. VAT registered taxpayers meeting the criteria should integrate their e-invoicing solutions with (FATOORA) Platform starting from January 1, 2024.

Here are some key things to know about ZATCA Wave 6:

The deadline for integrating with FATOORA is January 1, 2024.
Taxpayers who fail to comply with the deadline may be subject to penalties.
ZATCA will provide technical support to help taxpayers integrate with FATOORA.

The implementation of e-invoicing is part of ZATCA's efforts to modernize the tax system in Saudi Arabia. E-invoicing is a more efficient and secure way of exchanging invoices, and it can help to reduce fraud and errors. It can also improve the accuracy of VAT reporting, which can lead to lower tax liabilities.

If you are a taxpayer who is included in the sixth wave of e-invoicing, you should start preparing yourself for the 6th Wave with the best e-Invoicing solution in Saudi Arabia.