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Representative Hassan Ammar, member of the Economic Affairs Committee in the House of Representatives, affirmed that the Egyptian state is striving towards strengthening the governance of the state’s financial system Through the optimal use of modern technology, towards digital transformation to implement the “electronic invoice” system to maximize the use of all the resources of the Egyptian state, as well as developing and keeping pace with all global financial, tax and customs systems. Ammar added, in a statement today, that the electronic invoice system will compel everyone who deals outside the formal economy to enter the formal system, and eliminate the term informal economy, which amounts to 60% of the size of the economy. D, in addition to working on tracking the sale of the product in the market since it entered the factory as a raw material until it reaches the consumer, and the new registration system also works to prevent money laundering operations, through the tracking process, pointing out that through governance towards the financial system of the state will work To create a kind of tax justice, as it works to put the informal market in front of the fait accompli by paying the tax due on it and not escaping from payment. He pointed out that the return from the application of the electronic invoice will work to integrate and link the electronic invoice and electronic payment and collection systems, which will contribute to enhancing efforts to collect the dues of the state’s public treasury, in addition to facilitating efforts for the business community aimed at stimulating investment.
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