The Egyptian Minister of Finance, Mohamed Maait, announced the launch of the pilot operation of the electronic receipt system which will be fully implemented in six months and a half.
Maait noted that the ministry is working on enhancing the governance of the financial system and accelerating the steps to complete the tax and customs automation and modernisation project by March 2022, according to a statement on Thursday.
The move will help boost investments and bring more informal businesses into the formal economy, the minister pointed out.
Through the e-receipt system, all commercial transactions can be monitored by the Egyptian Tax Authority via a real-time electronic system.
This step followed the implementation of the electronic invoicing system to which more than 2,700 companies have registered and over 55 million e-invoices have been recorded. Through the system, more than 2,800 tax evasion cases were uncovered with tax dues amounting to more than EGP 3.5 billion.
