Electronic invoice and electronic receipt
The electronic invoice and the return on the issuance of the electronic invoice
What is an electronic invoice?! Issuing the tax invoice from all companies at the state level electronically through the official portals specified by the Ministry of Finance represented by the Tax Authority. What are the benefits of the electronic invoice?! For companies: it will be an official and instant approval from the interest, and therefore it will eliminate the phenomenon of arbitrary estimation. As for the interest: the ease and speed of the tax referendum, which guarantees the authority’s right to tax collection. As for the state: one of the most important ways to integrate the informal economy of the state
Electronic invoice: The faster and easier way to make payments
In line with the digital transition era as well as new decisions in plans up to 2030, there are multiple growing searches for e-invoices as an essential procedure for all companies. So, the question is, what is an electronic invoice?
An electronic invoice is an electronic document that helps you save and exchange your data via different websites more efficiently than paper transactions that take a lot of time and effort.
An electronic invoice is used to prove sales transactions of products and services, regardless of what they contain. This is done through the Egyptian tax system to eliminate paper transactions throughout the Republic.
Electronic invoices have many essential features and benefits, reducing the effort you make. They make it easier to detect accounting and tax errors protecting you from being manipulated or dealing with fictitious companies, which ensures tax justice for both employers and the state.
An electronic invoice is software that operates as an integrated accounting system for business management. It is ready work with various integration mechanisms as required by the Egyptian Tax Authority.
It enables you to issue invoices that follow all the required standards of data and coding for various items, in addition to the possibility of customizing this program according to your work, through which you can manage your sales, accounts, stores, customers and employees as well.
The electronic tax invoice system works according to several characteristics, the most important is the presence of a unique number for each invoice separately called the identification number UUID. This number differs from the company’s internal invoice number.
The electronic tax invoice system also features the presence of a unified form and content for each invoice, with confirmation that the form of invoices will not be changed within the company in accordance with the electronic invoice law.
In accordance with the decision issued by the Head of the Tax Authority No. (518) of 2020 which obliges 347 of the major financing companies to issue electronic tax invoices, aiming to establish a central system for the electronic invoice system to receive invoices very quickly.
This system seeks at facilitating the following up and implementation of all commercial transactions between different companies by exchanging data related to all invoices digitally and very quickly without relying on any paper transactions. This in turn helps to tighten control on the market, combat the illegal economy, eliminate fake invoices, and make the most benefits as it will save a lot of effort and time spent on paper transactions. It also helps to fight tax evasion by monitoring transactions between companies and determining the volume of companies’ business instantaneously.