Ministry of Finance: We received 11.5 million electronic bills and 770 thousand value added certificates
The Ministry of Finance confirmed on Wednesday that the draft law on the implementation of the electronic bill, which was completed by the ministry, will contribute to many advantages of the national economy, such as helping to establish a precise database of all commercial transactions in Egypt. The base is registered in VAT and then proceeds.
The Ministry of Finance pointed out that the implementation of electronic billing system will help improve the tax examination through the formation and analysis of a large database to form an accurate picture of the transactions of taxpayers in the community, which will have a significant impact on improving the mechanisms of financial policy-making of the state.
The statement added that the Ministry of Finance in cooperation with a specialized international company is currently working to complete the automation of the system of tax returns so that the VAT will be filled automatically using invoices to begin the first steps of the implementation of electronic bill.
The statement pointed out that the taxpayer can download his billing data through a simplified mechanism, a computerized accounting system or through the Excel file Excel Or manually download the invoices on the program.
On the tax return system, the statement explained that it will contribute to the integration of the informal sector and the construction of a database that allows predicting the income tax as a product to track the financier accurately throughout the year in addition to checking the validity of the tax registration numbers in the invoices and verify the national number. To review the file before it is submitted to the system and identify the errors in the invoice and show them to the financier to fix them before sending them to the interest. The system of declarations includes a number of important information such as tax registration number, national number and name and address of the vendor in VT Funded purchases of a mandatory information to increase Clinch on bills and reduce the submission of the combined invoice.
The statement confirmed that a new type of sales invoices was added to the system so that the introduction of the final consumer bills without a registration number (B2C) In accordance with the decision of the Minister of Finance No. 623 of 2018 in order to allow the national number of the value of transactions amounted to fifty thousand pounds and more, in addition to adding new citations and classifications of the goods of the table, which helps to limit the circulation of such commodities as tobacco (tobacco raw or non-made, Cigar tobacco spirits, pipe tobacco, Tuscan cigars, cigarettes, honey and cumin, tobacco extracts and spirits).
The statement pointed out that the automation of the tax system has achieved many positive results since its launch last October, such as obligating dealers with the tax community to provide the electronic value added tax since January 2019 and the number of registered so far in the electronic system about 257 thousand registered and received 770 thousand certificate of value added tax even Now in addition to some 11.5 million e-bills including about 9 million sales bills, 2.5 million purchase bills and about 54 thousand receipts in electronic income taxes.
The statement stressed that the electronic billing examination reports are one of the pillars of increasing the tax revenues and increasing the number of registrants, because it allows for the restriction of the providers of zero statements and financiers who did not submit declarations, although they have transactions with others and also the knowledge of non-registered in VAT, despite the annual sales exceeded the limit of registration, The possibility of knowing the actual sales figures of the registrar by comparing them with the fact that it recognizes the purchases of others from it, as well as comparing them with the customs data, revealing those who failed to submit the declaration in the legal time and the chain of sales tracking / Debit and credit decisions.
The statement added that the requirements of the implementation of the electronic bill includes the ability to automatically check the invoice files of sales and purchases, in addition to the issuance of a special number of each invoice in addition to the ability to maintain the billing files as all the files of invoices that the taxpayer sent stored and archived to the system will also be available To review the invoices of the taxpayer by reading through his account on the system, in addition to the electronic signature and verification of the electronic invoice.
The development plan also includes the launch of a mobile application that provides billing data entry services and answers to common tax questions FAQ The ability to inquire about the status of the business (registered in value added or not) and receive news and information on VAT, provided that the application is available by the end of June on my shop Google And Apple.
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(tagsToTranslate) Ministry of Finance (t) IRS (t) VAT
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