Financiers registered with the Large Taxpayer Center have until 15 May to join the new electronic invoice (e-invoice) system, according to Egypt’s Minister of Finance Mohamed Maait.
Maait also confirmed that Egypt is proceeding well with the implementation of the national project to modernise and automate the tax administration system.
It aims to ease the process for financiers, and to ensure the state’s right so that it can improve spending on raising standards of living, and improve the quality of services provided to Egyptians.
The minister said that among the most important of these projects is the system of automated tax procedures and the e-invoice system. They are expected to: control the tax community more precisely; achieve tax justice; and reduce tax evasion.
The projects include both the informal and formal economies, and would help lay the foundations for a sophisticated tax system comparable to developed countries.
Maait pointed out that nearly 500 companies have uploaded electronic documents to the actual operating environment from the first and second stages of the electronic invoice system.
The minister said that over six million electronic documents, including invoices, credit notes, and debit notices, were processed through the system.
He called on those companies registered with the Large Taxpayer Center, and who are obliged to join the e-invoice system, to quickly take the necessary measures to join the system before the deadline.
A total of 10 companies have already been referred to the prosecution for non-commitment to join the e-invoice system in the second phase, Maait said, adding that referral measures are being taken against five other companies.
These steps are due to their lack of commitment in joining the system’s second phase, and add to the five companies that were previously referred to the prosecution for not committing to join the system’s first phase.
For his part, Reda Abdel Kader, Chairperson of the Egyptian Tax Authority (ETA), has indicated that the third phase companies that are required to apply the e-invoice system to the final operating environment have been registered.
This comes in preparation for issuing their invoices and sending them to the electronic invoice system as of 15 May.
He explained that the Ministry of Finance and the ETA provide all facilities and support to companies for compulsory accession to the e-invoice system. This is through the Technical Support Office or field visits, and through the Integrated Communication Center which can be contacted on 16395 or through [email protected].
Additionally, the ETA provides all information and data related to the e-invoice system on the authority’s website, at https://www.incometax.gov.eg/e-Invoicing.php
