Application of e-invoicing to reduce monopolies, detect fraud: official

Logo of Anti-Commercial Concealment Program

The application of e-invoicing will reduce monopolies, lead to the detection of fraud, combat commercial concealment, and reduce commercial fraud, said Ahmed Al-Suwailem, CEO of the Anti-Commercial Concealment Program.

During his participation in the virtual meeting held by the Communication and Financial Knowledge Center (CFKC), in cooperation with the Zakat, Tax and Customs Authority (ZATCA), Al-Suwailem estimated the volume of concealment at SAR 200 billion as the total sales of the facilities suspected of commercial concealment, which represents 15-20% % of the gross domestic product (GDP).

He indicated that the application of e-invoicing will take place in two phases, the first phase is the obligation to apply e-invoicing, and the second will be the launch of a platform to collect all data, after which the indicators of decline in the concealment rate are monitored.

The huge data that will be provided by e-invoicing will enable the regulatory authorities to be aware of prices easily. In addition, it will help the private sector to seize new commercial opportunities and create new sectors. In addition, the data will contribute to achieving food security through detailing inventories and basic commodities.

ZATCA launched, on Aug. 24, the e-invoicing project (Fatoora), which will become mandatory in the Kingdom starting Dec.4, Argaam earlier reported.