(MENAFN- Daily News Egypt)
The Egyptian Tax Authority will reduce the minimum value threshold required to include the national ID data of buyers on electronic invoices from EGP 50,000 to EGP 25,000, starting from 1 August. Financiers will have a three-month grace period to rectify their situations before enforcement.
Rasha Abdel Aal, the head of the Egyptian Tax Authority, emphasized the importance of this change within the framework of continuous efforts to regulate the informal economy. Sellers and service providers will not obtain a copy of the national ID card from buyers or consumers; instead, only their national ID number will be written and recorded on the electronic invoice if the sales value reaches or exceeds EGP 25,000.
Abdel Aal urged financiers to expedite rectifying their situations before the end of the three months. Failure to issue electronic invoices and receipts will constitute a violation of the provisions of the Unified Tax Procedures Law, subject to specified penalties.
The authority is committed to preserving the rights of the state treasury. The Ministry of Finance and the Egyptian Tax Authority provide full technical support to financiers dealing with the electronic invoice and electronic receipt system. This support includes daily online tax awareness seminars accessible through the authority's official Facebook page and various support centres, such as the Large Taxpayer Center in Nasr City, the Digital Transformation Support Center in Lazoghly, the Exclusion and Declarations Sector in Agouza, the Joint Stock Companies Department, the Investment Department, and the Administrative Headquarters for Electronic Transactions Management in Salah Salem. Additionally, field visits and the Integrated Call Center contribute to facilitating compliance with tax regulations.
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