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“ZATCA” announces that the Electronic Invoicing Regulation is coming into force

March 10, 2021

The General Authority of Zakat and Tax announced the approval of its Board of Directors on the electronic invoicing regulation, which was published today Friday, corresponding to the 4th of December 2020 AD, as the electronic invoice is defined according to the regulation as a tax invoice that is issued electronically through an electronic means, and is issued by each taxpayer subject to Value-added tax (VAT) in the Kingdom. The electronic invoicing regulation contains seven articles that regulate the mechanism for issuing and keeping electronic invoices for the taxpayers, and clarifies the provisions, procedures and individuals subject to it, in addition to the procedural rules and time limits, as the authority confirmed that the regulation has come into force from the date of publication, noting that it will be “mandatory” for taxpayers subject to it to issue and save invoices on the 4th of December 2021 AD. The General Authority for Zakat and Tax invites all taxpayers to view the E-invoicing list through its website via the following link, and to contact it via the unified number (19993), which will be available 24 hours a day, and seven days a week, for any inquiries or questions related to electronic invoicing. It is worth noting that the electronic invoicing system aims to limit the volume of Shadow Economy transactions, in addition to combating Commercial Concealment. The General Authority for Zakat and Tax had previously published the draft regulations for public feedback on the 17th of last September. Translated from: https://gazt.gov.sa/ar/MediaCenter/News/Pages/News_521.aspx

Resettling accounting profession in the Kingdom of Saudi Arabia

March 10, 2021

Okaz sources revealed that the date of implementation of the Ministry of Human Resources and Social Development’s decision to resettle the accounting profession begins at the beginning of Dhu al-Qa'dah 1442, that is, after 170 days, and includes 19 classifications of the profession. The sources also confirmed that the ministry will provide a package of incentives and support to the private sector in employing Saudi accountants, including support for the recruitment process, searching for suitable employees, supporting training and qualification necessary to ensure job stability for accountants and giving priority to benefiting from all Saudization support programs available to the system. The sources indicated that the ministry has classified 19 accounting professions targeted by the Saudization, which include: Director of Financial Affairs and Accounting, Director of Accounts and Budget, Director of the Financial Reports Department, Director of the Zakat and Taxes Department, Director of the Internal Auditing Department, Director of the General Auditing Department, Head of the Internal Audit Program, Financial Controller, Internal Auditor, Senior Financial Auditor, General Accountant, Cost Accountant, Auditor, General Accounts Technician, Auditing Technician, Cost Accounts Technician, Financial Audit Supervisor, Cost Clerk, Finance Clerk. According to the procedural guide for the decision to localize the accounting professions, the Ministry stated that in the case the establishment does not adhere to the required nationalization percentage, all electronic transactions for the accounting professions will be stopped (such as issuing visas for professionals, transferring a service to the profession, changing the profession, work permits for the profession automatically for the establishment) in addition to the penalty for violating the localization of professions limited to Saudis, according to the system. While the Ministry stressed that it will impose statutory penalties for any fraud in the event that any worker in the facility is caught practicing any of the targeted accounting professions under another professional title, different from the name written in the work permit. Saudi accountants are required to obtain professional accreditation from the Saudi Organization for Accountants. With respect to the salaries, for holders of Bachelor’s degree, it will not be less than 6000 riyals and for Diploma degree, not less than 4,500 riyals. The Ministry seeks to raise the contribution of national forces in the labour market, and raise the productivity of national human cadres through various possibilities and continuous training. Translated from: https://www.okaz.com.sa/news/local/2052861

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