Kingdom of Saudi Arabia on numerous fronts including economy and public financial management has been going through various transformational changes since last few years. Conversion to International Financial Reporting Standards (IFRS) for bringing consistency in reporting & introduction of Value Added Tax (VAT) for managing public finances and strengthening documentation of economy are some of the prominent reforms in the list.
To take this process forward, Zakat, Tax & Customs Authority (ZATCA) is currently running an all important initiative of implementing E-Invoicing in the country that will help bringing transparency in tax collection and also plugging the revenue gap. The project is split into two phases, e-invoice generation and e-invoice Integration, deadlines of which are Dec 04,2021 and Jan 01,2023 respectively. For taxpayers it means having proper technical solutions and accounting systems in compliance with ZATCA’s e-invoice regulations.
In this background Fugro Suhaimi Ltd and Hyphen Consultancy (Pvt) Ltd have today signed a license agreement for using Hyphen’s cloud – based e-invoicing solution: Go Fatoorah.
GoFatoorah brings credibility, flexibility and Compliance to the table. Automatic translation of product and customer information from English into Arabic, bulk upload of data and flexibility to adopt segregations of duties as per the company’s peculiar circumstances are some of the features that makes GoFatoorah a solution of choice for many entities.
Fugro Suhaimi is a market leader in Saudi Arabia in the provision of high quality geotechnical, material testing and topographic surveys. Fugro has operations in 61 countries and employs 9,000 plus employees globally.
Hyphen Consultancy has a vision to create better working lives through well governed organizations. Governance, Strategy & Transformation are 3 domains that Hyphen takes deep interest in and serve the clients through the verticals of advisory, solutions & capacity building.