stc e-Invoicing Solution: A Breakthrough Innovation in Tax Compliance

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We are pleased to nominate stc e-Invoicing Solution for the prestigious Stevie Award in the Technology Innovation for Public Enterprises. This cutting-edge technology offers a tailor-made solution to meet the specific requirements imposed by the Zakat, Tax, and Customs Authority (ZATCA) in KSA. The solution has revolutionized tax compliance, enabling businesses to seamlessly automate invoice issuance and credit notes, while ensuring strict adherence to ZATCA regulations.

stc e-Invoicing stands as a beacon of innovation in the realm of tax compliance technology. Designed as a set of microservices, it offers a comprehensive and automated platform that guarantees high efficiency throughout the focalization processes. This innovation is a game-changer, securing accurate invoice transactions with government tax authorities and enabling real-time or near real-time VAT reporting.

stc e-Invoicing Solution has a mediator role between legacy billing/ERP systems and the complex web of tax regulations. It collects and receives invoices from source systems, executes the necessary validations, transformations, and enrichments, and then responds to the source system in the corresponding format, all while retaining the original invoice data and adding generated information. This unique approach ensures a smooth transition to e-invoicing, while maintaining compliance with regulatory requirements. 

Security is paramount, featuring tamper-resistant measures to prevent unauthorized access detecting potential breaches. Unauthorized alterations are impeded, and digital signatures are safeguarded with advanced encryption algorithms, complemented by cryptographic stamps for authenticity and integrity verification of digital documents. The solution strictly adheres to KSA regulatory framework, designed to support complex communication with tax authorities while facilitating reporting in both B2C and clearing in B2B business models. 

Features that empower businesses to navigate tax compliance with ease:

1. Standard and Simplified e-Invoices: solution offers standard (B2B) e-invoices clearing in accordance to Regulator's requirements. Additionally, it supports simplified e-invoices (B2C) reporting.
2. Onboarding: The system streamlines the onboarding process, ensuring a hassle-free transition to e-invoicing.
3. Cryptographic Stamp Management: It manages cryptographic stamps, ensuring security and authenticity of digital documents.
4. Key Pair Management: manages cryptographic keys at the heart of digital signatures, safeguarding against compromise.
5. Web GUI for Operations: A user-friendly interface empowers users to monitor system's performance, enhancing their control over the process.
6. Error Handling: system adeptly manages technical errors, ensuring a smooth workflow.
7. Alarming with E-mail Notifications: Instant alerts and notifications keep users informed in case of any issues.
8. Manual Invoicing: The system supports manual invoicing for both B2B and B2C, offering flexibility in the invoicing process.
9. Reporting: Comprehensive reporting capabilities provide valuable insights into tax compliance processes.

Three essential modules:

1. B2B Invoice Manager: This module handles the processes required to send e-invoices for clearing, a prerequisite for sending them to buyers. It conducts compliance checks, format conversion, and validation before sending validated e-invoices for clearing through an API.
2. B2C Invoice Manager: Responsible for receiving, processing, and reporting simplified invoices to Regulator within 24 hours. It conducts compliance checks, file conversion, and validation before sending the file to the Regulator's platform.
3. Core Platform: Presented through a user-friendly web UI, this module offers functionalities to facilitate e-invoicing processes. It includes monitoring, alarming, security management, and archiving.

stc e-Invoicing Solution is a remarkable technological innovation, simplifying tax compliance with feature-rich modules, security and compliance standards, and seamless integration for businesses in Saudi Arabia. The platform's core features, security measures, and scalable architecture make it an ideal choice for businesses of all sizes, ensuring secure and efficient digitalization. We believe it's a strong candidate for the Technology Innovation Award, surpassing expectations of businesses and regulatory authorities alike.