Saudi Arabia looking to adopt Egypt's e-invoicing model

Egypt is keen to share its experiences and provide technical support to help Saudi Arabia implement the e-invoicing system

  
Image used for illustrative purpose. Hands typing on laptop computer.

Image used for illustrative purpose. Hands typing on laptop computer.

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Cairo – Saudi Arabia is looking to adopt the electronic invoicing model implemented by Egypt which managed to be the first country in the MENA region to require taxpayers to issue electronic tax invoices.

The Governor of the General Authority of Zakat and Tax (GAZT), Suhail bin Mohammed Abanmi, commended the efforts exerted by Egypt in this regard during a virtual meeting with the Egyptian Minister of Finance, Mohamed Maait, according to a statement on Sunday.

Maait said that the e-invoicing system is a key step towards automating the tax declarations system, facilitating procedures for taxpayers, and combating tax evasion.

Egypt is keen to share its experiences and provide technical support to help Saudi Arabia implement the e-invoicing system, he noted.

On 15 November, the Egyptian Tax Authority required 134 companies of the top corporate taxpayers to issue electronic tax invoices.

The second phase of making e-invoices obligatory, which will begin on 15 February 2021, will include 350 companies, while the third phase, which will start on 15 May 2021, will include the remaining top corporate taxpayers.

Source: Mubasher

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