- Egypt has implemented a new e-invoice system to ensure all companies register for Value Added Tax
- The system requires companies selling taxable goods or services to register and submit electronic invoices via the Egyptian Tax Authority online portal
- The initial deadline for registration was December 15, 2022, but has been extended to April 30, 2023
- The extension was granted to address issues raised by taxpayers, particularly self-employed professionals, and to improve the platform’s usability
- The e-invoice system aims to reduce tax evasion, include the informal sector in the formal economy, and improve tax revenue predictions through a comprehensive database of transactions
- The system targets professionals such as consultants, artists, lawyers, engineers, and doctors
- An e-invoice is a digital document that records a commercial transaction for goods and services
- Taxpayers must create an account on the Tax Authority’s platform and have their invoices verified before sending them to recipients
- The system allows the Tax Authority to track transactions and integrate them into regular tax filings
- Implementation of the e-invoicing system is divided into four stages, starting in November 2022 and ending in April 2023
- The first stage in November included 134 companies
- Invoices must be electronically reviewed, signed, and verified by the Egyptian tax authority before finalization
- The e-invoice system supports Egypt’s digital transformation goals and Vision 2030
- Companies dealing with government entities must use the e-invoice system
- Tax payable is calculated based on total revenue recorded through the e-invoice system
Source: africataxreview.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
