Companies that are not committed to joining the electronic invoice system will be referred to the prosecution as of mid-April, Egypt’s Minister of Finance Mohamed Maait has revealed.
A decision had been issued to compel them to join the system as part of the second phase, starting from the middle of last February. This would take place according to Article 72 of the Unified Tax Procedures Law No 206 of 2020.
The minister said that, according to the provisions of Article 35 of the Unified Tax Procedures Law, companies and individuals are required to register their sales and purchases on the electronic system.
Article 37 of the same law stipulates that every taxpayer is obliged to issue a tax invoice or receipt in an electronic form.
He pointed out that Decision No 518 of 2020 had been issued requiring the registration of 347 companies in the Large Taxpayer Center as a second phase. This would see the issuance of e-tax invoices for the goods they sell or services they provide, effective as of 15 February 2021.
Maait called on companies to quickly take all the necessary steps to join the electronic invoice system, and implement integration with it.
The minister stressed the importance of joining the e-invoice system, as starting from July there will be many procedures and advantages to joining the system. Companies cannot benefit from these procedures or advantages unless they are part of the new system.
