Egypt- New E-Invoicing Framework To Combat Tax Evasion

The Egyptian Ministry of Finance Aug. 30 announced the e-invoicing framework to combat tax evasion. The announcement includes measures to: 1) require companies with annual revenue of up to 500,000 Egyptian pounds (US$31,796) to register for VAT; 2) impose a fine of between 20,000 pounds (US$1,273) and 100,000 pounds (US$6,369) or imprisonment from three to five years for noncompliance; and 3) require companies to join the e-invoicing system by Sept. 15.