The Department of Public Bank’s Deputy Finance Minister, Ehab Abu Eish, stated that the Authority set the basis for digitization in its broad idea that includes re-engineering, rationalizing, and streamlining processes in a manner that incorporates with the industrialization of the constitutional system and the advancement of the workplace situation.
This helped maximize the business, improve income and spending, face challenges, create a constant financial course, and fulfill future requirements.
He said that the country’s new economy had grown better equipped to cope with international and domestic difficulties by transitioning to computerized forecasting.
Abu Eish stated that the Finance ministry has an innovative administration system that probably contributed to improving the performance of genuine management of public funds and the optimized use of the government’s national funds, adding that the corporate sector has been instrumental in modernizing and automating the taxation processes.
He went on to say that digitization initiatives have improved our ability to incorporate the informal sector into the formal sector and accomplish taxation equity without inconveniencing individuals.
He reported that the number of registrations in the digital significance shows that the proposed had increased compared to the corresponding period in 2018 and the number of significant statements, which had increased by 54% as originally planned in 2018.VAT revenue increased by 27% in the previous fiscal year compared to the fiscal year (FY) 2019/20, and earnings from actual worth reports increased by 19.7% in the first four months of the fiscal year.
As per Abu Aish, roughly 15 million digital payments are sent out each month, and 5,000 businesses have signed up for the general pattern thus far. Until mid-December 2021, the goal is to reach 9,000 firms. Furthermore, by December 26th, 14 tax rates and VAT facilities will be consolidated into ten.
He stated that the e-invoice system would cover retailers by April of next year. The required identification would be phased initially with 600 users to improve tax code administration by maximizing the use of technology innovations to monitor contractual relationships among bankers and customers, thereby promoting taxation and competitiveness justice.
He went on to say that over 60,000 international producers have enrolled in the CargoX system. In contrast, 26,000 Egyptian merchants have registered on the Advance Cargo Information (ACI) network before cargoes, including over 164,000 ACIDs given so far. 13 logistic centers representing 96% of Egypt’s imports have indeed been built. All immigration facilities have been digitally connected to the ACI system, facilitating the shift from a journal article to a computerized workplace situation and enhancing Egypt’s ranking in three vital international indicators: worldwide competition, conducting businesses, and macroeconomic factors.
He noted that somewhere between FY 2019/20 and FY 2020/21, more than 3 million digital taxation gathering activities valued far beyond EGP 1 trillion and growing at a 10% annual rate, including more than 23 million gathering procedures in federal machinery valued far beyond EGP 128 billion and overgrowing by much more than 100%, were conducted.
Ramy Youssef, Assistant Finance Minister for Taxation Policies and Advancement, affirmed that streamlined principles would be issued shortly that explain the proper direction for paying taxes for everyone who offers a product, appears to work in advertising, or generates or encourages material through digital networking.
At the end of March 2022, Walid Abdullah, Head of the Organization of Finance’s Central Agency of Financial Expenditure and Supervisor of the Government Financial Information Management System (GFMIS) initiative, stated, “We plan to apply the GFMIS framework to financial objects on an exceptional basis from March 2022 to the end of next June, in readiness for its execution in the next financial year to attach all federal entities.” Combining, managing, and computerizing all public budgetary processes, beginning with financial planning, execution, and monitoring, leads to establishing a solid general planning and budgeting process—this aids in the accomplishment of balanced budgets and the efficient and productive utilization of governmental expenditures.
He went on to say that implementing the GFMIS system in government budget agencies with its financial reporting units, that added up to about 2,637, and trying to link it to the digital compensation and monetizing GPS and the cohesive financial profile TSA helped to close the government’s fiscal financial statement that day at the end of the tax period, and for the spending plan to start working on the first day of the new financial period in a manner that promoted the necessary.