KSA has announced it will introduce an e-invoicing framework for resident companies with an expected go-live date of December 4, 2021.
All taxable individuals living in the Kingdom of Saudi Arabia, the customers, and the third parties who issue invoices on behalf of any taxable individuals are required to use the electronic invoices. The Value Added Tax requirement of electronic invoices would be similar to the paper tax invoices, credit notes, and debit notes requirements.
The announcement was published on December 4, 2020, and the Saudi authorities has released its details on the e-invoicing framework. That includes the system and technical requirements relating to the implementation of e-invoicing by businesses. That means we started, and we can develop quickly, as proven with our Egyptian SAP add-on solution, and install in around four weeks.
E-invoicing regulations are integral and complementary to the Value Added Tax (VAT) Implementing Regulations and apply to all taxpayers subject to VAT. The new regulations define the terms, requirements, and conditions related to electronic invoices.
KGT delivers a fully SAP-integrated solution to submit the requested tax data in an automated way. A turn-key SAP add-on that enhance standard SAP to timely submit tax reporting.
E-invoicing methods and overview of new country rollouts
KGT SAP add-ons for SAF-T, e-invoicing and MTD UK for VAT work as a standalone application within the SAP system and does not change existing customer SAP functionality or processes. It is fully configurable with custom namespace /KGT.
KGT partnered up with SAP regarding 'SAP Advanced Compliance Reporting for SAP HANA'. The 'Advanced Compliance Reporting' (ACR) service enables you to configure, generate, analyze, and electronically submit statutory reports that contain indirect taxes, such as value-added tax.
KGT provides also S/4 HANA transformation support.