Saudi Arabia’s finance ministry has launched an initiative to implement global financial practices across the government sector as well as Fatoorah, an e-invoicing project at Expo 2020 Dubai.

These initiatives come at a time when Saudi Arabia is showcasing the Kingdom’s digital competencies at its Expo 2020 pavilion in Dubai. For these initiatives, Saudi Arabia ranked amongst the most innovative countries in the world, in its provision of Government services and interaction with citizens, according to the GovTech report issued by the World Bank.

Paul Arnold, Managing Director of Sovereign Saudi Arabia, a partner company of Sovereign AEI commented on the ongoing digital acceleration across various government entities in the Kingdom.

“Saudi Arabia’s finance ministry, in line with the Kingdom’s Vision 2030, has launched an initiative to implement the latest global financial practices in the Government sector aimed at improving efficiency.  The ministry had also launched a self-assessment pilot program on selected Government entities,” said Arnold.

“These have been implemented after conducting field studies on the viability of such tools by assessing the efficiency of internal control systems, the level of transparency and overall control measures.  It aims to strengthen financial control procedures, improve governance and the overall effortless switch to automation.”

“Another crucial initiative was the roll-out of the e-Invoicing project, called Fatoorah, that is expected to benefit the Saudi economy, mainly in addressing the commercial concealment and the ‘shadow economy’ that has cost the Kingdom almost SR400 billion ($107 billion) annually,” Arnold noted.

“Buyers and sellers will now have a digital system to enable the smooth exchange and processing of invoices, credit and debit notes.  According to Zakat, Tax and Customs Authority (ZTCA), the program will be carried out in two phases where the first phase requires generating and storing tax invoices and notes through the compliant electronic systems which contain the required tax data fields.  The next phase will focus on digitally incorporating taxpayers into the system, allowing easy access to appropriate e-invoicing services.”

These progressive initiatives will enable Sovereign AEI to provide better services and solutions to those who are looking to enter the Saudi market or expand their existing business within the kingdom.

These initiatives highlight Saudi Arabia’s proficiency in allowing businesses to flourish with ease and absolute transparency.  Sovereign AEI aims to promote the economy of the Kingdom through its diverse and customised services in the market. – TradeArabia News Service