Dr. Mohamed Maait, Minister of Finance, issued A decision to amend some provisions of the Executive Regulations of the Value Added Tax Law, Based on what was presented by Reda Abdel Qader, Head of the Tax Authority.
The decision includes disregarding paper invoices in deducting or refunding value-added tax. As of next July, So that only electronic invoices will be considered. Except for paper invoices previously issued by companies or establishments, issued before it was obligated to implement the electronic billing system, Or issued by companies or establishments that the Tax Authority has not decided to obligate them to issue electronic invoices, Taking into account the technical specifications and standards of the electronic system contained in the executive regulations of the Unified Tax Procedures Law.
A statement from the Ministry of Finance mentioned, that the electronic invoice system, It is one of the pillars of the national project to modernize and automate the tax administration system. aimed at facilitating the financiers, incorporation of the informal economy into the formal economy, achieving tax fairness, the right of the state,
He explained that more than 70,000 companies have registered on the electronic invoice system. More than 61 thousand companies have activated their accounts on the electronic system so far.
It sent more than 208 million electronic invoices, Reflecting our success in this experience, which Egypt was able to be one of the first countries in Africa and the Middle East to implement, Through which we were able to detect more than 17,000 cases of tax evasion, Tax differences exceeding 6 billion pounds were collected from the state’s public treasury dues.
