Egyptian Authorities Collect EGP 8.8 Billion From Tax Evasion Cases
Egyptian authorities have successfully gained about USD 286 million since the launch of the e-invoice system in November 2020.
Egyptian tax authorities have successfully collected EGP 8.8 billion, or USD 286 million, from tax evasion cases since the launch of the e-invoice system in November 2020. The money was collected from 7,305 cases out of 22,000 that have been discovered over the past two and a half years.
According to the Ministry of Finance, over 49,000 e-commerce companies have been registered in the e-invoice system since June 2021. The total count of e-invoices issued reached 130 million in April 2022. The e-invoice system mandates all value-added tax (VAT) registered companies selling taxable goods or services to register and submit electronic invoices on the ETA's online portal.
The initiative aims to promote tax justice, combat tax evasion, and integrate the informal economy into the formal sector. As per Mordor Intelligence, Egypt’s e-commerce market is projected to reach USD 7.88 billion in 2023, with an annual growth rate of 14.80%, targeting USD 15.71 billion by 2028.
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