Electronic issuance of receipts in Egypt has become compulsory as the Minister of Finance sets deadline for all firms operating in Egypt to join the e-receipt system.
According to Minister of Finance Mohamed Maait, all companies operating in Egypt will join the electronic receipt (e-receipt) system by the end of December 2022. The minister disclosed this in a statement issued on August 23, 2022.
As of April 1st 2023, registration of costs and expenses in tax reports, as well as deduction or reversal of value-added tax (VAT), will be approved only through e-receipts, Maait added.
Maait noted that the government succeed in the application of the e-receipt system and 313 million e-documents were uploaded so far.
The e-receipt system is based on a centralized electronic system, enabling the Egyptian Tax Authority (ETA) to monitor all transactions of exchanging goods and services among sellers and consumers in real-time.
The new system will allow for the verification of transactions through electronic integration with points of sale (POS).
The e-receipt system is providing multiple advantages to suppliers, including the facilitation of tax inspection in the least time possible.
Source: Egypt today
