CAIRO – Egyptian Finance Minister Mohamed Ma’eit has decided to amend some provisions of the executive regulations of the value-added tax (VAT) law.
The decision was based on a recommendation by head of the Egyptian Tax Authority (ETA) Reda Abdel Qader to not accept paper invoices, where discount and tax return operations are concerned.
This decision should be effective as of July 1.
E-invoices should replace paper bills as of that date, the Finance Ministry said in a statement Monday.
The e-invoicing system is based on establishing an electronic center to follow up 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 products or services.
So far, more than 70,000 companies have registered on the e-invoicing system, and sent more than 208 million electronic invoices.
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