Finance Minister Mohamed Maait said that the trial run of the “e-invoice” system will be launched in companies selling goods and providing services for citizens on April 15.
As of 1st of July, the system will be obligatory, the minister said.
In a statement on Tuesday, the Finance Ministry said that the “e-invoice” system is based on establishing electronic center that enables the Taxes Authority of following up on all commercial transactions of companies selling goods and providing services through the Business-to-consumer (B2C), which is the process of selling products and services directly between a business and consumers who are the end-users of its products or services.
The new system is also based on A point of sale (POS), which is a place where a customer executes the payment for goods or services and where sales taxes may become payable, according to the ministry’s statement.
The minister further explained that the companies joining the “e-invoice” system contribute to strengthening their tax position via classifying them among the companies with low-tax risks.
So far, more than 52,000 companies have registered on the e-invoice system, and sent more than 154 million electronic invoices, the minister noted.
Source: State Information Service Egypt