EGX closed in mixed notes on Sept. 15    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    EHA launches national telemedicine platform with support from Egyptian doctors abroad    Madbouly reviews strategy to localize pharmaceutical industry, ensure drug supply    Al-Mashat tells S&P that Egypt working to reduce external debt, empower private sector    Cairo's real estate market shows resilient growth as economy stabilizes: JLL    Egypt's real estate market faces resale slowdown amid payment pressures    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Emergency summit in Doha as Gaza toll rises, Israel targets Qatar    Egypt renews call for Middle East free of nuclear weapons، ahead of IAEA conference    Egypt's EDA, Korean pharma firms explore investment opportunities    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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    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.



Electronic tax invoicing on trial starting 30 June
Centralised system enables Egyptian Tax Authority to monitor all commercial transactions between companies, says Maait
Daily News Egypt Published in Daily News Egypt on 27 - 06 - 2020

A new electronic tax invoicing system will be on trial in Egypt as of 30 June with the participation of several companies, according to Minister of Finance Mohamed Maait.
A Saturday ministerial statement noted that the step comes as part of Egypt's development projects under its 2030 Vision for digital transformation. The vision aims to integrate the informal market and combat tax evasion.
Maait said the centralised system enables the Egyptian Tax Authority to monitor all commercial transactions between companies through the real-time, digitised exchange of invoice data.
He stressed that the system will help control taxation in Egypt, and integrate the informal economy into the formal system.
Yasser Taymour, Advisor to the Minister of Finance for the Development of the Egyptian Tax Authority, said that, during the trial phase, integration will be tested between the electronic systems of participating companies and the Tax Authority's electronic tax invoicing system.
Taymour noted that several seminars have been held in the run-up to the trial operation phase, followed by online workshops. There has also been continuous communication with companies to explain the system and answer all inquiries regarding the integration process.
He added that the long-term benefits that will accrue for financiers after the new system's application include the ability to verify invoice data and validity for all parties before they are issued.
Other benefits under the new system include reducing administrative burdens, and reducing the cost of transactions and the need to archive bills in paper form. There will also be a reduction in examination procedures on the company with the possibility of remote examination instead.
The Ministry of Finance's decision No 188 for the year 2020 was put in place to oblige registrants to issue electronic tax invoices that include the issuer's electronic signature. There will also be a unified code for the good or service subject to the invoice approved by the Egyptian Tax Authority.

Clic here to read the story from its source.