Egypt’s Minister of Finance Mohamed Maait has appealed to companies to join the government’s electronic invoicing system, especially those registered on the Large Taxpayers Center, otherwise they will be excluded from the Center by the middle of next year.
The minister said that in the event of their non-compliance, they will be referred to the prosecution for the appropriate legal measures to be taken against them.
Moreover, Chairperson of the Egyptian Tax Authority (ETA) Reda Abdel Kader emphasised the need for companies to join the e-invoicing system, referring to the Cabinet’s decision that all state agencies and companies will only deal with businesses that use the government’s e-invoicing system starting from 1 July 2021.
He stressed that the government aims to strengthen governance and control the tax community more precisely, in a manner that contributes to establishing the foundations of tax justice, reducing tax evasion, integrating the informal economy into the formal sector.
Abdel Kader explained that, as of July 2021, companies will find themselves unable to deal with ministries, economic bodies, public companies, and public enterprises sector, unless they have joined the e-invoicing system.
Moreover, exporters will not be able to benefit from the export subsidy provided by the state as of 1 July 2021, except after joining the system.
Abdel Kader called on companies to quickly take measures to join the system in order to avoid crowding.