ArabFinance: All companies operating in Egypt will join the electronic receipt (e-receipt) system by the end of December 2022, Minister of Finance Mohamed Maait said in an emailed statement on August 23rd.
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.