E-invoice system an important step to digital transformation to achieve Egypt's Vision 2030

CAIRO - 5 January 2022: The electronic invoice system is an important step on the path to digital transformation to achieve Egypt's Vision 2030, according to head of the Egyptian Tax Authority, Reda Abdel Kader.

Abdel Kader added that they are continuing to complete all stages of the system within the specified times.

He confirmed that the success of the electronic invoice system came as a result of the continuous and diligent follow-up by the Minister of Finance of all steps and procedures for their implementation on the ground, solving any problems, and providing all support.

"It is also a major step for developing the tax system and raising the efficiency of tax examination, which contributes to fulfilling the rights of the state's public treasury in a way that helps achieve financial and economic goals and enables the state to complete its development path,” he continued.

He stressed that the electronic invoice would maximize the chances of integrating the informal economy into the formal economy to achieve tax justice and lay the foundations for a sophisticated tax system comparable to developed countries.

The head of the Tax Authority said that there are 31,000 companies registered with the electronic invoice system, and that more than 6,700 companies have uploaded electronic documents to the actual operating environment of the electronic invoice system so far, explaining that more than 109 million electronic invoices have been sent to the system.

Abdel-Kader pointed out that the electronic invoice system receives more than 650,000 electronic invoices per day, and is expected to reach one million electronic invoices per day by the end of next March, adding that all companies operating in Egypt will be entered into the electronic invoice system before the end of this year.

He pointed out that the number of financiers registered on the electronic invoice system voluntarily reached; That is, without mandatory decisions, 20,382 funders, and the number of funders who voluntarily sent documents to the system, i.e. outside of mandatory decisions, 1029 funders.