by Fintechnews Africa
1 February 2024
Governments and tax authorities are driving the need for businesses to adopt E-Invoicing across the globe. As more countries across the Middle East mandate E-Invoicing, tax becomes an integral part of day-to-day finance and commercial operations.
In the United Arab Emirates, the Ministry of Finance is set to introduce the “E-Billing System” project, which envisions the implementation of an advanced nationwide electronic billing system.
This initiative is expected to incorporate the Peppol CTC mandate, addressing nationwide E-Invoicing and E-Reporting requirements. Additionally, the system will automate tax return filing procedures, enhancing the efficiency of the tax system, promoting tax compliance, and reducing instances of tax evasion. The project’s implementation will occur gradually, with the goal of completion by July 2025.
In the Kingdom of Saudi Arabia, ZATCA has announced an extension of the exemption period’s deadline on December 29, 2023. Originally set to conclude on December 31, 2023, the new deadline is now extended until June 30, 2024. This extension grants taxpayers an additional six months to adhere to E-Invoicing rules, allowing them to rectify any potential issues or errors without facing any repercussions.
The E-Invoicing Exchange Summit in Dubai on February 13 and 14, 2024 will explore the key changes, trends, opportunities and challenges to businesses and their stakeholders, harnessing global E-Invoicing best practices for the Middle East’s tax reporting and compliance landscape.
More information on the E-Invoicing Exchange Summit and special ticket rates valid for public sector and typical senders of a high volume of invoices: https://www.exchange-summit.com/dubai
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