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ArabFinance: The Egyptian government is set to launch an electronic receipt system on April 1st to ensure the instant collection of taxes on goods and services, according to an official statement.
Such step comes in the context of governmental endeavors to include unrecorded economic activities and have a more accurate estimation of taxes which will add to GDP and help realize economic and development objectives, Egyptian finance minister Mohamed Maait commented.
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, Maait added.
The minister stressed that the new system will allows for the verification of transactions through electronic integration with points of sale (POS).
The e-receipt system is providing multiple advantages to suppliers, including facilitation of tax inspection in the least time possible, Maait said.
