ClearTax Dominates the Saudi Arabia Market for E-Invoicing, Expanding Its Footprint and Product Portfolio

• The ZATCA phase II e-invoicing compliant company is introducing more offerings beyond e-invoicing to continue tax & compliance transformation journey in KSAof its platform for enhanced VAT Reconciliation & Filing assistance and AP Automation

• ClearTax’s second”Beyond Global” in KSAwelcomed 60+ top industry leaders, providing insights on navigating e-invoicing, tax & compliance automation in the digital & cloud era

Riyadh, Saudi Arabia; 4th October, 2023: ClearTax, a leading global SaaS platform launched in KSA in 2021 and reaching over 5K large-scale businesses across the globe, today announced its enhanced functionalities which further support Saudi businesses to comply with the Kingdom’s tax requirements. ClearTax is at the forefront, delivering cutting-edge products and services tailored to the needs of businesses across the Kingdom, serving more than 250 customers.

As a technology solutions provider compliant with the guidelines of the Zakat, Tax and Customs Authority (ZATCA) of Saudi Arabia, ClearTax’s product portfolio is evolving to meet the dynamic demands of the market, already a trusted provider for prominent names in the retail, telecommunication, transport like Arla Foods, Al Bawardi, Zamil Industrial & many more. With more compliance mandates the horizon, ClearTax is excited to introduce more game-changing offerings in the next 6-12 months:

• VAT Filing Assistance & Reconciliation:Offering end-to-end reconciliation of sales transactions and invoices, automated reporting, and dashboards for seamless VAT filing.
• AP Automation:Providing advanced invoice parsing, QR code and XML validation, and data export to ERPs, simplifying accounts payable processes.

The expanded product offering comes following ClearTax’s recent announcement to invest up to US$20 million into the region over the next three years, aligning with the official mandate in Saudi Arabia for cloud-based e-invoicing. All ClearTax products and services will be cloud-enabled to support businesses’ digital transformation journey. The SaaS solution has onboarded 250+ Enterprises so far and is already live with 50+ Enterprises falling in Wave-1 and Wave-2 of ZATCA Phase-II e-invoicing facilitating generation of 40Mn+ ZATCA Phase II compliant e-invoices so far and easy integration with over 1000+  ERP or POS devices.. The solution is fully compliant with data protection laws by ensuring all customer data is hosted locally within the premises of the Kingdom.

Archit Gupta, Founder and Chief Executive Officer of ClearTax, commented on the expanded product offering, “Saudi Arabia, as the largest market in the GCC, provides us with a pivotal platform to extend our presence across the region, which is rapidly adopting cloud-based services. With a track record of excellence in digitization and tech innovation, reinforced by stringent security protocols, our aim is to be the leader in technology, compliance, and e-invoicing in the Middle East.”

Furthering ClearTax’s commitment to the Kingdom, it recently hosted the region’s second “Beyond Global” event, under the theme of “Navigating e-invoicing, tax & compliance automation in the digital era” in Riyadh. The event, attended by more than 60+ CXOs, Directors, Presidents and Business Leaders from around Saudi Arabia, involved multiple keynote speaker sessions, fireside chat & panel discussions designed to support key business functions and provide insights on strategic e-invoicing implementation, DOs and DONTs of the journey, understanding benefits of SaaS & cloud based solutions for compliance

Rohit Razdan, Chief Business Officer at ClearTax, highlighted the company’s strategic direction, stating, “In line with the Saudi Vision 2030, the Kingdom is poised to lead a groundbreaking digital transformation era, fostering not only a robust digital economy but also leverage technology in shaping the future of enterprises. We have pioneered the Saudi Arabia market, becoming the go-to supplier for e-invoicing solutions. By constantly evolving our offering and leveraging intuitive and efficient platforms, ClearTax has successfully transformed businesses invoicing processes, ensuring seamless compliance with ZATCA regulations and a proud partner of many of the Kingdom’s leading brands.”

Reaffirming ClearTax’s commitment to Saudi Arabia and its ongoing mission to deliver exceptional services. ClearTax also participated in the prestigious ZATCA event in February 2023, showcasing expertise in e-invoicing technology. Additionally, ClearTax has sponsored various tech and finance events in Riyadh, fostering meaningful connections with industry key players.

Looking ahead, as ClearTax gears up for the impending launch of e-invoicing in UAE, Bahrain, and Oman, its commitment to delivering excellence and staying ahead of the curve remains unwavering.

ClearTax has helped large enterprises save millions of dollars by enabling businesses to automate their finance processes and helped them become efficient, furthering their business goals. Trusted by over 5,000 large global brands, the company helps businesses digitally transform, become more efficient and create bottom-line value by embedding smart technology across the finance and tax-compliance value chain.