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ArabFinance: The Egyptian government will launch the trial version of the e-receipt system on April 15th for consumer goods and services companies, Minister of Finance Mohamed Maait said in an emailed press release on April 12th.
The full application of the system will be on May 1st, Maait added.
The new system comes in the context of governmental endeavors to include unrecorded economic activities and have a more accurate estimation of taxes which will add to the gross domestic product (GDP) and help realize economic and development objectives, 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 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 facilitation of tax inspection in the least time possible, Maait said.
