This phase mandates generation of e-invoices and e-notes, including provisions related to its processing, and record keeping. Phase 1 is effective from 4 December 2021. E-invoicing in Saudi Arabia is being implemented in two phases: On 4 December 2020, the ZATCA introduced e-invoicing in Saudi Arabia through the release of the E-Invoicing Regulation. (33551) dated Hijri which mentions that the second wave of impacted taxpayers should comply with the Phase 2 e-invoicing requirements starting from 1 July 2023 through 31 December 2023, at the latest. The ZATCA will notify impacted taxpayers in preparation for linking and integrating their e-invoicing systems with the ZATCA’s e-invoicing platform (Fatoora).įurther, the ZATCA Governor has issued Administrative Decision No. On 23 December 2022, the Saudi Arabia ZATCA announced on its website that taxpayers who are resident in Saudi Arabia and have taxable turnover above SAR500m up to SAR3b during the calendar year 2021, will fall within the second wave of Phase 2 e-invoicing integration and should comply with the Phase 2 requirements. Taxpayers who are resident in Saudi Arabia, with taxable turnover above SAR500m up to SAR3b during the year 2021, should be compliant with the Phase 2 e-invoicing requirements starting from 1 July 2023. That the technology holds potential is plain to see given that the field is also seeing the arrival of other blockchain-based startups such as Abra, Circle, BitPesa, MOIN and Coins.ph.The Saudi Arabia Zakat, Tax and Customs Authority (ZATCA) has announced the criteria for taxpayers to be included in the second wave of Phase 2 electronic invoicing (e-invoicing) integration. Ripple’s foray into the overseas money transfer realm may well turn out to be a game changer. If the transfer involves using a fiat currency at any stage, it will add to the turnaround time.

If the sender and the recipient do not use the transferred cryptocurrency often, the process will involve exposure to currency conversion twice. In such places, blockchain can give unbanked people easy means to send and receive cross-border payments.Īnyone who is new to the world of blockchain and cryptocurrencies can expect to go through a slight learning curve. Access to mobile phones is more common than access to conventional forms of banking in several parts of the world. With blockchain, overseas money transfers can take place almost immediately.Īccessible by more people. Transferring money to another country can take days, even if you use a fintech company. Blockchain, on the other hand, is completely decentralized, and entries in the digital ledger cannot be tampered with.īetter speed. Banks and traditional money transfer companies work in a centralized manner, making them vulnerable to hacking. With blockchain, eliminating banks from the process is easy, and this can lower costs even further. Even fintech companies rely on banks to handle transactions at both ends. However, while the average cost of using a bank is close to 11%, the average cost of using a fintech alternative drops to 5.3%.īlockchain can offer multiple benefits to the international remittance industry. The average cost of an overseas money transfer is around 7%. Now, fintech companies such as WorldFirst, TransferWise, OFX and WorldRemit give people more cost-effective means to make cross-border transfers. While people had to deal with banks and high street forex brokers to carry out overseas money transfer until a couple of decades ago, the widespread use of the internet has changed the landscape considerably.

Wave invoicing overseas