As for digital transformation and process automation, the Ministry of Finance and the Egyptian Revenue Authority took many steps to implement electronic bills a few months ago. According to Law No. 518 of 2020 issued by the Egyptian Tax Authority, the experiment went through several stages to finalize the date for launching electronic invoices and applying them to major financial institutions on February 15, 2021, to become 347 companies registered in Egypt. The commitment of the tax center for major financial institutions to issue electronic tax invoices - as a second stage - for each service they sell or provide, and this comes after the completion of the first stage, which included 134 companies; This is the cancellation of the submitted paper. For transactions, saving time and more accurate data. After companies and individuals join the electronic billing system, in addition to obligating each taxpayer to issue tax invoices or receive electronic receipts in accordance with Article 37 of the same law.
Invoice
A digital document proving a transaction for the sale of goods and services. The file contains components and properties. Prepared and signed electronically, sent and received via the electronic invoicing system and the taxpayer. It is also reviewed and verified by the tax authorities in real time. Electronic billing systems have many advantages. The first is that each invoice has a unique number called a UUID, which is different from the company's internal invoice number. For the second advantage, each invoice in the system has a unified form and content, with the assurance that the form of the invoice will not change within the company. The ERP sends the data specified by the IRS to the electronic invoicing system, and the API transmits the invoice data in JSON or XML format, not the invoice format. The system also allows for unified coding of goods and services, and invoices include electronic signatures, ensuring complete security of invoice data and proving legal authority for system users. The system sends instant notifications to buyers and sellers to share billing data.
That's where it matters:
- Integration with the electronic billing system
- Issuing and amending electronic invoices using the system
- Dealing with clients and financiers using the system
Global Solutions Company provides all electronic billing services