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Sunday, 29 May 2022

FinMin to rollout e-receipts nationwide by mid-2025

All companies will be required to implement the new e-receipt system for B2C transactions by July 2025, the Finance Ministry said in a statement Thursday outlining the timeline for the rollout of the real-time digital system. The ministry has been piloting the system with around 100 taxpayers since April, and will gradually onboard companies over a three-year period from October, the ministry said.

Companies will be onboarded in batches, with an additional 400 in Cairo and Alexandria joining the program in October. Other deadlines will follow with companies grouped by industry (consumer durables, jewelers, grocers) and others by governorate. We have the full breakdown here.

Refresher: E-receipts will work alongside the ministry’s e-invoicing system to allow authorities to monitor all transactions in the country. E-receipts will record all business-to-consumer (B2C) sales, enabling the Tax Authority to detect tax evasion and bring more businesses into the formal economy. Read this for more on how the system works.

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