Egypt announces mandatory e-invoicing

May 29, 2020 | VAT Updates

VAT Updates Africa

The Egyptian Ministry of Finance recently issued a decree on the mandatory issuance of electronic invoices in the country. The decree states that :

Registered taxpayers must issue an electronic invoice containing the issuer’s electronic signature and a Unified Code for each good r service supplied – all of which should be authorised by the Head of the Tax Authority.

The Egyptian initiative has all the ingredients of a strong mandate.

Earlier information on the e-invoicing obligation reported that taxpayers are to provide all invoice-related information regarding their sale and purchase transactions along with their e-VAT returns. Failing to do so would be considered tax evasion by the tax authorities.

Further details are still unknown at this point – what is clear is that the VAT invoices must be approved by the tax authority, which points in the direction of a clearance mandate. Once the tax authority finalises the requirements, they will be published in the official Egyptian Gazette and will enter into force from the day following its publication.

 

Source Credit – Tungsten network