"Ministry of Finance has made great strides in the
implementation of the national project for digital transformation, as all
electronic systems in the Ministry of Finance will be integrated by the end of
June 2021," Finance Minister Mohamed Ma’it said Tuesday.
The minister added in a statement that this project contributes to strengthening governance, laying the foundations for financial discipline, raising the efficiency of public spending, and modernizing and automating the systems of customs and tax administration, he stated that the project thus helps in achieving financial and economic goals, enabling the state to complete its development process, and improve the citizens' standard of living and better the services provided to them.
Ma’it explained that the system of electronic tax invoice is scheduled to be implemented compulsorily in November 2020 through a central electronic system, in which the Tax Authority monitors all commercial transactions between companies through electronic exchange of billing data without relying on paper transactions.
He pointed out that this system helps to define the tax community more accurately, integrating the informal economy into the formal economy, and achieving tax justice in a way that contributes to achieving the right of the state.
The minister also confirmed that the ministry is pursuing the modernization and mechanization of the customs administration system, and it is scheduled to manage approximately 90 percent of exports and imports electronically by the end of December 2020 through the system of logistic centers.
“This update contributes to simplifying procedures, reducing release time to less than 5 days, and reducing costs of customs clearance, in a manner that helps to stimulate the investment environment and improve Egypt's ranking in international indicators of business performance,” he explained.
Furthermore, the minister said that the logistic centers were operated in Cairo, West and East Port Said and Ain Sukhna, and it is intended to operate logistic centers in Dekheila during the coming November, and in Alexandria and Damietta at the end of 2020. About 90 percent of exports and imports will be managed electronically by the end of 2020.
The minister stated that, according to the draft law, for the first time, an electronic system will be established to track the goods until the final release stage, and to deal with the contracted goods using the modern electronic commerce system, with the possibility of pre-querying customs duties before the arrival of the goods.
Source: Egypt Today
