Egypt to launch e-invoicing system by early 2020

About 93% of Egyptians use mobile phones

  
A man talks on his mobile phone as he walks past an exchange bureau advertisement showing images of the U.S dollar, in Cairo March 10, 2014.

A man talks on his mobile phone as he walks past an exchange bureau advertisement showing images of the U.S dollar, in Cairo March 10, 2014.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: The Egyptian finance minister Mohamed Maait said that digital transformation contributes 6-8% to gross domestic product (GDP) based on international indicators.

The Ministry of Finance is currently developing the country’s tax system which sees 9 million tax invoices, Maait added during Ahram Economic Conference on Sunday.

Last week, the ministry signed a contract with a major international company to launch electronic invoicing system by early 2020, he revealed, adding that digital transformation in government contracts will be launched in 2020.

In addition, the ministry is also finalising amendments to the income tax law and value-added tax law.

Maait noted that 93% of Egyptians use mobile phones, while 33% have banking accounts.

Source: Mubasher

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