In order to speed up the process of obtaining the public treasury’s rights, securing public funds, facilitating the tax community, and achieving tax justice, Reda Abdel Qader, Assistant Minister of Finance for Tax Authority Affairs, reaffirmed the Minister of Finance’s interest in the Egyptian Tax Authority’s procedures.
Abdel-Qader stated that no contracts will be made with Units of the State’s Administrative Apparatus, Local Administration Units, Public Service and Economic Bodies and Other Public Legal Persons, Public Sector Companies, Public Sector Organizations as of next December 15 in light of the Egyptian Tax Authority’s launch of the last phase, to compel all taxpayers in all parts of the Arab Republic of Egypt to issue electronic tax invoices for all services rendered and goods sold.
A company that imports or exports or deals with the customs system will not be permitted to do so as of April 1, 2023 unless it deals and issues electronic tax invoices, according to Mokhtar Tawfik, head of the Egyptian Tax Authority. He also noted that proof of deductible costs and expenses will no longer be taken into account when determining the net taxable commercial and industrial profits.
“Mukhtar Tawfiq” emphasised that the Egyptian Tax Authority will not hesitate to take measures that would strip the rights of the state’s public treasury from the companies that are required to join the electronic invoice system and that decisions were issued to oblige them to quickly join the system so that legal action is not taken against them.
Taxes: increasing the use of the electronic invoice system and mechanisation
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