The announcement comes as Saudi Arabia has mandated businesses to embrace a digital journey with the implementation of e-invoicing. From December 4 2021, all business entities, including banks and financial institutions in Saudi Arabia will have to issue, receive, and store invoices electronically to ensure output and input invoices are perfectly matched and reconciled to avoid any fraud.
With this step, Saudi Arabia aims to eliminate manual errors in invoice processing and reconciliation, thereby resolving tampering of invoices and reducing the risk of revenue leakage through VAT avoidance.
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