Parliamentary: “Electronic Invoice” enhances the governance of the financial system

Parliament Gate

Representative Hassan Ammar, member of the Economic Affairs Committee in the House of Representatives

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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.

“Ammar” said that the Egyptian state pays great attention to the electronic infrastructure, which in turn contributes to the application of modern electronic systems and the artificial intelligence system, which will contribute to reducing Human error and time, eliminating all aspects of corruption, improving performance within government agencies and making them more dynamic and interactive, which is reflected in improving services provided to citizens.

The member of the House of Representatives pointed out that the application of modern electronic systems and artificial intelligence comes within the digital transformation organization that the state is implementing quickly and completing all its requirements, including This includes developing the technological infrastructure in the country to keep pace with this advanced modern technology, which accelerates the development process within the Egyptian state, and contributes to attracting more foreign investments, pointing out that the electronic invoice system is one of the important projects to advance the tax system and achieve financial inclusion.

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