A cooperation protocol between the “Taxes” and the “Union of Egyptian Banks” to join the “electronic invoice”

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The Egyptian Tax Authority has signed a cooperation protocol with the Federation of Egyptian Banks, regarding the controls for banks joining the electronic invoice system.

Dr. Mohamed Maait, Minister of Finance, said that the signing of this protocol comes in appreciation of the active role of the banking system in building the national economy as a major driver of the production wheel and a pivotal contributor to the economic renaissance that all efforts are concerted to achieve.

He added that the units of the banking system are important entities in the Egyptian economy, and that there is constructive cooperation between the Ministry of Finance and the Federation of Egyptian Banks to implement the provisions of the law in line with the comprehensive automation system adopted by the state.

Reda Abdel Qader, head of the Egyptian Tax Authority, indicated his keenness to spread tax awareness, build bridges of trust with all parties of the tax community, and enhance cooperation with the banking system represented by the Federation of Egyptian Banks, the main supporter of the Egyptian economy, one of which is the signing of this protocol.

He added that he had issued a decision to form a joint committee from the Egyptian Tax Authority and the Federation of Egyptian Banks, to study the implementation of ministerial and interest decisions related to the application of the electronic invoice system, in order to sign a work protocol between the Egyptian Tax Authority and the Federation of Egyptian Banks.

Mohamed El-Etreby, Chairman of the Board of Directors of the Federation of Egyptian Banks, said that the signing of this protocol comes as a sense from the Federation of Banks of the importance of comprehensive mechanization and its role in advancing production and the national economy, and maximizing efforts to integrate the informal economy into the formal economy.

He added that banks are the main supporter and supporter of the national economy and the state’s public treasury, and are keen to support the state’s policy to digitize transactions in the Egyptian economy in order to improve the business environment and stimulate investors in line with the “Egypt Vision 2030” in the interest of the national economy.

He pointed out that this protocol would make it easier for banks to join the electronic invoice system without prejudice to the provisions of account confidentiality and the preservation of customer data.

The article was a cooperation protocol between the Tax Authority and the Federation of Egyptian Banks to join the Electronic Invoice, which was written in Al Borsa newspaper.