Tax Authority: All Gold Financiers are Obligated to E-Invoice

Deputy Head of the Tax Authority Rasha Abd El-Aal stated that all financiers are obligated to apply the electronic invoice, regardless of whether or not they are subject to tax.

Abdel-Aal said at the Egyptian Jewelers’ Forum organized by the company “I Jewelers” that there are five stages for the registration of the electronic invoice at Authority.

She pointed out that the registration becomes self-reliant at the sixth and seventh stages, adding that an electronic stamp is also required.

The official continued that the coding of items in the electronic invoice means that the invoice includes the details and codes of the products, which is applied through two coding systems.

The first is the “GS1” system or the international coding system, which is the most common type of coding.

The Tax Authority adopts the coding system in the event of selling a non-coded item, which is the second type of coding.

Abdel-Aal said that the electronic invoice regulates the movement of transactions in the business community and noted that Egypt is considered a leading country in that area.

“It is the first country to implement the electronic invoice system in the Middle East. There had been great success achieved in this field,” she added.

The official noted that the Ministry of Finance started with studies of the experiences of previous countries in implementing the electronic bill system, to avoid the obstacles they faced.

She continued that the paper bills in circulation were replaced by electronic bills that immediately reach the Tax Authority.

Abdel-Aal added that the electronic invoice project addresses two parts of the transactions, the first part, which is the transactions from one company to another, then the seventh stage has been reached.

The other part is the transactions between the company and the final consumer.

Contributed by Yara Sameh