EGP nudges lower against USD in early July 2 trading    Gaza under Israeli siege as death toll mounts, famine looms    New accords on trade, security strengthen Egypt-Oman Relations    Egypt launches public-private partnership to curb c-sections, improve maternal, child health    Egypt Post discusses enhanced cooperation with Ivorian counterpart    EMRA, Elsewedy sign partnership to explore, develop phosphate reserves in Sebaiya    Opella becomes first global consumer healthcare firm to gain B Corp status    Philip Morris Misr announces new price list effective 1 July    EGX closes in red on July 1st    Egypt, Iran FMs discuss Gaza truce, nuclear talks revival    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt in diplomatic push for Gaza truce, Iran-Israel de-escalation    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt, Tunisia discuss boosting healthcare cooperation    Egypt's commodity reserves "very reassuring", some stocks sufficient for 9 months — trade chief    Egypt's FM, China's Wang discuss Iran-Israel escalation    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt kicks off 2nd stage of e-invoice system
Published in Ahram Online on 15 - 02 - 2021

Egypt's Ministry of Finance launched on Monday the second stage of the e-invoice system that will be applied on 347 companies. Other companies will join the system in succession through the end of June.
Minister of Finance Mohamed Maait said the e-invoice system is a critical step towards digital transformation, part of Egypt's Vision 2030. The first stage that kicked off on 15 November was accomplished successfully, he added.
The e-invoice system is also meant to upgrade Egypt's taxing system and improve the efficiency of tax examination, which will help attain the government's economic and financial targets, said Maait.
“The finance ministry is providing all facilities and support to the companies that need to join the system, especially that the subscription is obligatory. The ministry started to take the legal actions against companies that have not subscribed in the system yet,” Maait explained.
Reda Abdel-Kader, head of the Egyptian Tax Authority (ETA) said that joining the e-invoice system enhances the companies' tax positions by classifying them in the low-tax risk companies group.
In addition, the system facilitates VAT settlements among companies, upgrades invoice exchange between them, reduces transactions cost, allows the remote tax examination for companies, and eases the process of preparing and submitting tax returns, according to Abdel-Kader.
He added that subscribing in the e-invoice system is mandatory to deal with ministries, economic authorities, public sector companies, the public business sector and all state bodies, as decreed by the prime minister.
Egypt's public e-invoice revenues jumped to EGP 4 billion per month in 2020, up from EGP 1 billion, growing by 250 percent owing to the coronavirus, Maait said in December.
The hike is the result of a number of new government services that have become available online to encourage the public to use e-payment.


Clic here to read the story from its source.