{"id":589544,"date":"2023-07-05T00:00:00","date_gmt":"2023-07-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/this-morning-some-1-7k-companies-join-the-e-receipt-system-next-week\/"},"modified":"2023-07-05T00:00:00","modified_gmt":"2023-07-05T00:00:00","slug":"this-morning-some-1-7k-companies-join-the-e-receipt-system-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/05\/this-morning-some-1-7k-companies-join-the-e-receipt-system-next-week\/","title":{"rendered":"THIS MORNING: Some 1.7k companies join the e-receipt system next week"},"content":{"rendered":"

Good morning, wonderful people, and happy almost-THURSDAY. <\/span>The news cycle is still <\/span>revving back into gear after the long Eid holiday. With the weekend almost upon us and Sahel season in full swing, we\u2019re expecting things to remain relatively calm at least through the end of the week. (Famous last words, no?)<\/span><\/p>\n

THE BIG STORY here at home: The diplomatic map just got redrawn<\/span> after Egypt and Turkey officially agreed to restore diplomatic ties and reinstate ambassadors, ending a decade-long rift. Everything you need to know about the budding Cairo-Ankara friendship is in our Diplomacy section. <\/span><\/p>\n

AND- This morning brings news of USD 1.8 bn worth of fresh investment by major energy firms<\/span> in our gas exploration sector. We have the details in our Energy section.<\/span><\/p>\n

<\/span><\/a><\/span>PSA- The next phase of the e-receipt rollout is upon us:<\/span> The Tax <\/span>Authority will start the fourth phase of its rollout of the new e-receipt system on Saturday, 15 July, the authority <\/span>said in <\/span>a statement (pdf)<\/a><\/span> yesterday<\/span>. Newly onboarded businesses will be required to start issuing e-receipts for all business-to-consumer (B2C) transactions from this date. <\/span><\/p>\n

How do you know the retailer is playing ball? <\/span>Registered companies will need to print a QR code on every e-receipt, the authority said.<\/span><\/p>\n

Who\u2019s included?<\/span>The list has almost 1.7k companies, a <\/span>source<\/span> with knowledge of the matter <\/span>told Enterprise yesterday on condition of anonymity, without giving further details.<\/span> Companies can find out whether they are on the list using their tax registration number <\/span>here<\/a><\/span>. <\/span><\/p>\n

Refresher: <\/span>E-receipts will work alongside the ministry\u2019s <\/span>e-invoicing system<\/a><\/span> to allow authorities to monitor all transactions in the country. E-receipts will record all B2C sales, enabling the Tax Authority to detect tax evasion and bring more businesses into the formal economy. Read <\/span>this<\/a><\/span> for more on how the system works.<\/span><\/p>\n

HAPPENING TODAY-<\/span><\/p>\n

<\/a> <\/span>It\u2019s PMI day:<\/span> We\u2019ll find out how Egypt\u2019s non-oil private sector fared in June a few minutes after <\/span>we hit \u2018send\u2019 on this morning\u2019s issue when S&P Global publishes the latest purchasing managers\u2019 index. <\/span>Tap or click here at 6:15am<\/a><\/span> to read the missive for yourself. The 2.5-year contraction in business activity <\/span>eased to its slowest pace since February 2022<\/a><\/span> in May as inflationary pressures that accompanied the series of currency devaluations showed signs of waning. <\/span>PMIs for Saudi and the UAE are also due out this morning<\/span> at the same time. <\/span><\/p>\n

IN THE HOUSE-<\/span><\/p>\n

<\/a> <\/span>The Economic Affairs Committee will discuss amendments to the Investment Law <\/span>aimed at boosting foreign inflows<\/span>, while the <\/span>Budget and Planning Committee will look into a draft bill reinstating taxes on state entities in a bid to level the playing field with private firms. Cabinet <\/span>approved the two bills<\/a><\/span> before the Eid El Adha break.<\/span><\/p>\n

Key data points to keep an eye on over the coming month:<\/span><\/p>\n