FILE PHOTO: Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019. REUTERS/Amr Abdallah Dalsh/File Photo
CAIRO - 26 May 2022: Finance Minister Mohamed Maait decided on Thursday to announce the timeline of the obligatory application of the electronic tax bills system for services and goods sold to final consumers.
The move aims to guarantee that the taxes paid by the consumers for good and services reach the treasury of the state. It also runs in line with efforts of merging non-official economy with the official economy in a way that helps increase the volume of local product, achieve economic and developmental goals and contribute to boosting aspects of general expenses to improve the living conditions of the citizens and improve the services presented to them.
In a statement by the Finance Ministry, Maait said there are five stages to oblige the financers to register in the new system and issue electronic tax bills for the services and goods sold to final consumers.
The system is based on establishing electronic central system that enables the Egyptian Tax Authority from following up all commercial transactions of the companies selling goods and presenting services, he said.
The electronic tax bills system also helps in achieving several advantages for financers including facilitating measures of tax inspection in short time, he said.