Financial services technology enterprise ClearTax has revealed plans to expand operations in Saudi Arabia, with a range of new digital and cloud-based products supporting the country’s digital transformation vision.
Expanding its product offering aligns with plans for ClearTax to invest up to $20million into the region over the next three years. In line with the official mandate in KSA for cloud-based e-invoicing, all of ClearTax’s products and services are cloud-enabled.
Zakat, Tax and Customs Authority (ZATCA) announced new e-invoicing regulations to reduce VAT ‘leakage’, support the Kingdom’s transition to a cashless economy, alongside other benefits and aims. ZATCA’s new e-invoicing process, ‘Fatoorah’, ensures that people can no longer generate, or store, paper or PDF invoices.
ClearTax has already built a strong footprint in Saudi Arabia, thanks to the launch of a cloud-based e-invoicing solution for medium to large enterprises in 2021.
In response to this, ClearTax plans to introduce its new products that streamline AP functions with automation of invoice capture and processing. It also plans to offer digitised solutions for vendor management and compliance, an early payment program marketplace for enterprises, financiers and vendors as well as management and automation of tax claims.
‘Unprecedented era in digital transformation’ for Saudi Arabia
Archit Gupta, founder and CEO of ClearTax, spoke at the ZATCA Conference in Riyadh. Gupta said: “Under the Saudi Vision 2030, the Kingdom is witnessing an unprecedented era in digital transformation that not only contributes to a strong digital economy but also helps shape the future of digital enterprises.
“ZATCA has been a driving force in this digitisation journey by introducing forward-looking mandates, such as the second phase of e-invoicing, which will contribute to a vibrant business ecosystem. As one of the world’s fastest-growing B2B SaaS companies, we are bringing innovative cloud-based solutions that will benefit Saudi businesses as well as enterprises across the GCC.”
Rohit Razdan, chief business officer at ClearTax, also commented. Razdan said: “As the biggest market in the GCC, Saudi Arabia offers us the sounding board to grow and expand across the region, which is fast embracing cloud-based services. We have proven our competencies in digitisation and tech innovation, underpinned by strong security protocols, and our strategic ambition is to be the leading tech, compliance and e-invoicing leader in the Middle East.
“Bringing exceptional experience in technology solutions relating to tax, compliance, and supply chain financing, we focus on enabling businesses to eliminate the risk of non-compliance in order for them to stay 100 per cent compliant. Our 360-degree expertise in finance technology enables us to develop and deliver custom-made software solutions to suit any business architecture, processes, and systems.”
Following its expansion in Saudi Arabia, ClearTax also plans to launch its e-invoicing solutions in Bahrain, Oman, Kuwait, and the UAE.