{"id":557569,"date":"2021-09-23T03:52:57","date_gmt":"2021-09-23T03:52:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/and-so-it-begins\/"},"modified":"2021-09-23T03:52:57","modified_gmt":"2021-09-23T03:52:57","slug":"and-so-it-begins","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/and-so-it-begins\/","title":{"rendered":"And so it begins..."},"content":{"rendered":"

<\/a> A pilot program for B2C e-invoicing has kicked off:<\/strong> The Finance Ministry has announced the rollout of electronic invoicing for business-to-consumer transactions, marking a new phase of the government\u2019s efforts to bring more Egyptian businesses into the formal economy and and make it more difficult to avoid giving the taxman his due.<\/p>\n

Some 100 companies are taking part in a six-month trial phase during which they will need to record all transactions via a real-time electronic system<\/strong>, Finance Minister Mohamed Maait announced at a presser yesterday, kicking off a process that will eventually see all of the country\u2019s B2C sales logged with the Tax Authority.<\/p>\n

Say goodbye to the days of having two sets of books:<\/strong> All sales will be logged in a central database using sales data controller (SDC) devices installed in traders\u2019 point-of-sale (POS) machines, enabling the Tax Authority to monitor and verify transactions. SDCs should be compatible with most POS machines used by retailers and service providers, meaning implementation should be relatively simple \u2014 and, of course, that your friendly neighborhood systems integrator is going to be laughing all the way to the bank.<\/strong><\/p>\n

Who\u2019s on board?<\/strong> Among the 100 companies taking part in the pilot are consumer electronics giant El Araby<\/strong>, hypermarket Carrefour<\/strong>, retailer Awlad Ragab<\/strong> and auto distributor Kia<\/strong>. The government is in the process of distributing the devices to the participating companies, after which they will be expected to immediately begin logging transactions.<\/p>\n

The timetable:<\/strong> Retailers will be the first companies to join the system followed by the services industry in a later phase, according to Maait. Hypermarkets, grocers, pharmacies and auto distributors will be included in the first phase, though e-commerce companies will be on-boarded at a later date. Unlike for B2B transactions, the ministry has not set any target dates for completion, and expects the process of integrating all shops, businesses, and service providers into the scheme to take years.<\/p>\n

The idea is to cut down on tax evasion<\/strong> and integrate informal businesses into the formal economy, Maait said. The ministry believes the system could eventually double the government\u2019s tax revenues<\/a> from EGP 1 tn to around EGP 2 tn.<\/p>\n

B2B e-invoicing is already well under way:<\/strong> All 2.8k of the country\u2019s large taxpayers are now issuing e-invoices via the ministry\u2019s digital tax platform, and they are set to be joined later this year<\/a> by Cairo-based joint stock companies, investment companies, public sector businesses and government agencies. The ministry is expecting to have all of the country\u2019s taxpayers filing B2B e-invoices for transactions by April 2023<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A pilot program for B2C e-invoicing has kicked off: The Finance Ministry has announced the rollout of electronic invoicing for business-to-consumer transactions, marking a new phase of the government\u2019s efforts to bring more Egyptian businesses into the formal economy and and make it more difficult to avoid giving the taxman his due. Some 100 companies […]<\/p>\n","protected":false},"author":1,"featured_media":557570,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7382],"tags":[72,2412,277,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax","tag-enterpriseam","tag-informal-economy","tag-mohamed-maait","tag-tax","wpautop","entry"],"acf":{"mongo_id":"b3285a46-7d0c-4e68-938c-b38b58da4900","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/325.jpg","photo_position":"above","related_issue":[557561],"teaser":"","voice_url":""},"yoast_head":"\nAnd so it begins... - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/23\/and-so-it-begins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"And so it begins...\" \/>\n<meta property=\"og:description\" content=\"A pilot program for B2C e-invoicing has kicked off: The Finance Ministry has announced the rollout of electronic invoicing for business-to-consumer transactions, marking a new phase of the government\u2019s efforts to bring more Egyptian businesses into the formal economy and and make it more difficult to avoid giving the taxman his due. 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The bill was\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545825,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/13\/e-receipt-system-pilot-to-kick-off-15-april-official-rollout-set-for-1-july\/","url_meta":{"origin":557569,"position":5},"title":"E-receipt system pilot to kick off 15 April + official rollout set for 1 July","author":"enterpriseam admin","date":"13 April 2022","format":false,"excerpt":"E-receipt system pilot to kick off 15 April: The Finance Ministry will launch a pilot of its e-receipt system for business-to-consumer (B2C) transactions this Friday, 15 April, it said in a statement yesterday. 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