In the presence of the director of the financiers service at the Tax Authority.. The Egyptian Youth Association discusses the impact of the electronic bill on the future of the national economy

The Egyptian Youth Business Association organized a symposium titled “The Challenges of Electronic Invoice”, where Dr. Mohsen El-Gayyar, Director of the Financier Service at the Tax Authority, participated in the meeting, while the symposium was moderated by Dr. Fadi Ismail, head of the Services Committee in the association, in the presence of a number of Among the members of the association and representatives of many companies, where the head of the services committee stated that the association attaches great importance to helping the business community to overcome the challenges of implementing the digital invoice system in active participation with the Egyptian Tax Authority to support the state’s efforts to digitize the economy.

Dr. Fadi Ismail stressed that the digital invoice system is one of the most important main solutions to support the inclusion of the informal economy system in the formal economy and improve the digital experiences of the business community in Egypt. Noting that the system consists of companies that conduct buying and selling of goods and services, referred to as financiers, and the Egyptian Tax Authority as the body responsible for monitoring sales and purchases and ensuring fair trade. And increase the voluntary commitment.

On his part, Dr. Mohsen Al-Jayar said that the project of the electronic invoice system to cover all types and forms of electronic transactions of all kinds. Parties (invoice / receipt), and this system is based on the establishment of a system to follow up all commercial transactions of goods and services between financiers, which helps in achieving the goals of the system and many advantages for the financier and the consumer, noting that through the electronic invoice system we can determine the size of the actual economy and therefore we can prepare data Analytical reports that benefit internal and external investments, as well as we can prepare economic reports that help in taking decisions correctly, and there is a comprehensive view of all markets, industries, products, and others.

Al-Jayyar stressed that the electronic invoice aims at digital transformation of commercial transactions, dealing with the latest technical methods, verifying the validity of the invoice source data and its contents in form, as well as unifying the form and content of the invoice in dealing between establishments, according to the nature of each activity, and achieving the principle of equal opportunities and justice among companies. operating in the Egyptian market, Accelerating and facilitating the examination procedures and laying the basis for electronic examination work, with the possibility of remote examination, explaining that the electronic invoice system project aims to facilitate the process of preparing and submitting tax returns, saying that there will be no need in the future to submit invoices in accordance with the regulations set by the Egyptian Tax Authority to provide invoice data in light of Keeping them in a central database at the Tax Authority.

Al-Jayar stressed that the project aims to determine the companies’ dealings with the final consumer and reveal fictitious transactions, in addition. To

He added that the system of facilitating and accelerating tax procedures, such as refunding tax at outlets, and contributing to the integration of the non-traditional economy. The formal economy in the formal economy, while improving the services provided to financiers to ensure the reduction of erroneous practices and tax evasion, as well as eliminating the parallel market and the informal economy and determining its actual size, revealing it and urging it to enter within the formal economy, and creating an accurate and huge database for commercial transactions, which can be relied upon later In the application of data analysis, decision support and artificial intelligence systems.

Regarding the short-term benefits that will accrue to companies after the application of the electronic invoice system, Al-Jayar explained that it is represented in strengthening the tax position of the company through its classification. Within the companies with low tax risks, updating and developing their billing method, verifying the validity of billing elements and data for the dealing parties before issuing them, in addition to facilitating audit procedures for companies, whether for the purposes of the company’s internal audit or external audit, and assisting the company in making accurate reports and analyzes as soon as possible And with the least effort to present it to the stakeholders and decision-makers, adding that

the long-term benefits that will accrue to companies after implementation It is to reduce the administrative burden, reduce the cost of transactions and the need to archive receipts on paper, reduce examination procedures for the company with the possibility of remote examination, and facilitate the process of preparing and submitting returns. Al-Jayar stressed that the project achieves tax justice by effectively helping to integrate the informal economy and tightening the tax society, in addition to the most important characteristics of the tax system. The electronic invoice first includes a unified form and content of the invoice according to the activity, secondly, unified coding for goods and services, thirdly, notifications and alerts. During the meeting, he reviewed the steps required to be implemented to join the electronic billing system, saying first registration in the system by sending an email with the company’s data and the data of the authorized person from the company, then the creation of The company’s digital file, and the registration invitation is sent to the delegate’s email, through which the account of the company’s delegate is registered (not required for registrants in the electronic invoice). Global (GSI) or coding system (EGS), which is an internal coding system that is linked to the commodity group classification system (GPC), and this statement is sent to the authority in a digital form to obtain the authority’s approval before using these codes (not required for registrants in the electronic invoice system and they use the same codes), pointing out that it is necessary to communicate with the Authority in the event of adding codes for other items/services to obtain the approval of the Authority before using the codes. its services on the electronic invoice system (in a period of no less than two weeks before the date of issuing receipts containing these codes.