Posted on: Friday 13 November 2020 – 11:14 AM | Last update: Friday 13 November 2020 – 11:14 AM
According to Maait, the system is a major step for the development of the tax system and raising the efficiency of tax examination, which contributes to the restoration of the rights of the state treasury in a way that helps achieve financial and economic goals, and enables the state to complete its development path and improve the citizens’ standard of living, and the services provided to them. The electronic invoice will revolutionize the integration between the tax system and the commercial community in order to make it easier for dealers and introduce the informal economy into the formal economy.
Maait pointed out that Egypt is one of the leading countries in the Arab world in applying the electronic invoice system as one of the digital transformation projects, which is supported and closely monitored by the political leadership.
He said that the Ministry of Finance and the Tax Authority will hold a major celebration this month to honor the companies that have succeeded in joining the electronic invoice system, and were able to implement the steps and requirements for integration with it on time.
The Minister of Finance confirmed that all legal legal measures, including transfer to the prosecution, will be taken in accordance with the provisions of the Unified Tax Procedures Law towards companies that are not obligated to join the system.
He added that the 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 instantly in digital form.
“It aims to eliminate the black market and the informal economy, to achieve the principle of equal opportunities and justice among companies operating in the Egyptian market, and to facilitate and accelerate tax procedures,” Maait continued.
For his part, Reda Abdel Qader, head of the tax authority, confirmed that the authority is moving aggressively to modernize and automate the tax administration system.
He pointed out that the electronic invoice system helps financiers to verify the validity of the invoices data for dealing parties before issuing them, enhance their tax positions by classifying them among the companies with low tax risks, facilitate the procedures of settlements between companies with regard to value added tax, and update the method of exchanging invoices between companies, in addition to Reducing the administrative burden, reducing the cost of transactions, gradually dispensing with paper-based archiving of invoices, simplifying corporate examination procedures with the possibility of “remote inspection”, facilitating “tax refund” procedures, preparing and submitting returns, and ending traditional procedures with companies to fulfill invoices.