To date, there are around 400 companies integrated with and using the electronic tax system, with over 1 million documents processed
To date, there are around 400 companies integrated with and using the electronic tax system, with over 1 million documents processed, said Minister of Finance Mohamed Maait in a recent statement.
The minister emphasized Egypt’s determined pursuit in modernizing and automating the tax system, making it easier to enhance spending on improving the citizens' standard of living and improving the quality of services provided to them.
He highlighted the importance of the automated tax procedures and the electronic invoice system projects, adding that it would reduce tax evasion, integrate the informal economy with the formal, as well as laying the foundations of a more sophisticated tax system similar to developed countries.
Maait thanked the nearly 400 companies that have joined the electronic invoice system, which was launched on November 15, 2020. He pointed out that the number of electronic documents (invoices - credit notes - debtor notices) that were processed through the system is approximately 1.25 million documents.
The Minister of Finance added that there are 37 companies that voluntarily joined the electronic invoice system, extending his thanks to these companies, stressing that the deadline for all financiers registered in the Center for Large Funders to join the electronic invoice system is May 15th.
The Minister of Finance went on to explain that the electronic invoice system aims to establish a central system that enables the tax authority to follow up all commercial dealings between companies with each other, by exchanging data for all invoices in a digital form instantly.
He also stressed that this system will help in the digital transformation of commercial transactions and deal with the latest technical methods, formally verifying the data of the source, recipient and contents of the invoice, adding that the application of the system aims to eliminate the parallel market and the informal economy and achieve the principle of equal opportunities and justice among companies operating in the Egyptian market, and to facilitate and accelerate tax procedures.
