Private sector firms must have their accounting departments ready to adopt electronic billing systems from the beginning of 2017, an official at the Ministry of Commerce and Investment said. The mandate will be enforced gradually by the Department of Zakat and Income Taxes (DZIT) and comes ahead of the introduction of new taxes across the Kingdom over the next two years. The transition aims to prepare companies for imposing sales tax in the Kingdom, Secretary General at Saudi Organization for Certified Public Accountants (SOCPA) said. Saudi Arabia is planning to impose a 5% Value-Added Tax starting 2018 as a part of a unified GCC agreement. (Zawya)