With the 4 December deadline of the Saudi Arabia e-invoicing mandate approaching, Pagero is experiencing a significant increase in market interest - both locally and internationally.
In December 2020, the Zakat, Tax and Customs Authority (ZATCA) announced a country wide e-invoicing mandate. With the aims to reduce shadow economy, increase adaption of tax returns and to promote fair business competition, all tax paying businesses are mandated to generate, store and report invoices electronically. There is a phased roll out planned with the first deadlines starting from 4 December 2021.
Having made early investments into supporting the new requirements, Pagero was named a qualified e-invoicing solution provider by ZATCA already in September 2021. As the first deadline approaches, Pagero is experiencing a significant increase in market interest.
"We have gained over 70 new customers only in the last few days and expect many more before the deadline. Businesses are looking for an easy to use, quick deployment and fully compliant solution," says Luis Ortega, MD for Pagero MEAA.
Among the new customers are both local businesses and large American and European corporations.
"Our ambition with supporting the Saudi Arabia mandate is two-fold: of course, we are open for local businesses to use Pagero to comply with the mandate, but we also become one of very few international providers that can help the global businesses in fulfilling the requirements. At the pace of which the global landscape is evolving, more and more of the multinationals seek to consolidate by having a single e-document compliance service provider globally."
The second phase of roll-out will be starting from 1 January 2023. More information available on https://www.pagero.com/compliance/world-map/saudi-arabia/