Egypt collects EGP 8.8 bln from tax evaders over 2.5 years

Muhammed Khalid , Sunday 23 Jul 2023

Egypt's tax authorities have generated EGP 8.8 billion ($286 million) from 7,305 tax evasion cases, out of 22,000 discovered since the launch of the e-invoice system in November 2020, according to a statement by the Ministry of Finance on Sunday.

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Minister of Finance Mohamed Maait noted that more than 49,000 e-commerce companies have been recorded in the e-invoice system since June 2021.

The number of e-invoices issued has reached 130 million since April 2022, the minister revealed.

Egypt launched the first stage of the e-invoice system in November 2020, while the second stage was launched in February 2021.

The new system obliges all companies registered for value-added tax (VAT) and selling taxable goods or services to register and submit electronic invoices on the ETA’s online portal.

The new system aims to achieve tax justice, curb tax evasion, and integrate the informal economy into the formal economy, according to the ministry.

Under the new system, any entity, whether a company or an individual, that sells a product or service must register on the ETA’s e-invoicing website.

According to Mordor Intelligence, the Egypt e-commerce Market is expected to reach $7.88 billion in 2023 and grow by 14.80 percent annually to reach $15.71 billion by 2028.

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