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Egypt's Finance Ministry expects 1 million electronic tax invoices per day by March 2022: Maait Informal economy represents 55% of Egyptian economy, says Finance Minister
Mohamed Maait, Minister of Finance, said that with the start of the electronic tax invoicing, the ministry recorded 40,000 invoices per day, and now it reached 500,000 invoices per day, and it is expected that it will reach one million invoices per day by March 2022. He noted that the biggest challenge facing achieving digital transformation in Egypt is adapting the work environment, and developing the state procedures and policies, mainly in the tax system. He revealed that the informal economy represents 55% of the Egyptian economy, which affects the final economic indicators. Egypt targets EGP 1trn in taxes this fiscal year, while there are more than EGP 1trn taxes that cannot be collected. Therefore, the digital transformation would help integrate the informal economy into the formal economy. For example, after the application of the electronic tax system, more than 3,000 taxable entities were found that did not exist before in the system, and the value of their taxes were estimated at EGP 1.2bn, but after further examination, the ministry collected EGP 4bn in taxes from them, Maait said. He added that the ministry targets to increase the number of companies using the electronic invoicing system to 250,000, which will increase the electronic invoices to 4 million per day. In the coming days, he said, more measures will be taken to include further companies in the electronic tax invoicing system.
