Total number of companies that joined the electronic invoice system during the first (November 15, 2020) and second phases (February 15, 2021) reached nearly 400 companies, according to Minister of Finance Mohamed Maait. Approximately 1.25 million documents were processed through the system. In Egypt, certain VAT-registered businesses must issue electronic tax invoices that include the electronic signature of its issuer and the standard code for the good or service subject to the invoice approved by the Egyptian tax authorities.

What is next?

The third phase, scheduled for 15 May 2021. In July 2021, all large Egyptian taxpayers should use e-invoicing. In 2022, e-invoicing will be mandatory for all companies working in Egypt. The fourth phase, will make e-invoicing mandatory for all B2G filing. Companies working for the Egyptian government (B2G) need to have set up e-invoicing starting from July 2021, independent of size and turnover.

What do we offer?

KGT has a proven solution and a process to implement quickly within 3 to 4 weeks.

Source: Egypt rolls out e-invoicing in various phases

Our SAP add-on contains a crucial reconciliation feature to meet the Greek requirements and facilitate reconciling efficiently and effectively in SAP. The AP domestic purchase requirement is something separate that is met via the SAP add-on developed.

The Client has to extract information submitted by the vendors on the Mydata portal and reconcile with invoices posted in SAP, and for all reconciled documents at the end it needs to submit a summary expense classification. In some cases, when the vendor is not submitting on MyData, the Client can trigger submission ‘on behalf’ to balance the expense book on the MyData portal.

Read more

The question that has always loomed around MTD is why the extraordinary effort and expense for HMRC and over a million taxpayers when the result is the same as pre-April 2019 – nine boxes of VAT numbers are still filed? The answer lies behind the choice of the API technology, which enables huge and fast exchanges of data. At some point in the not-too-distant future, HMRC may require taxpayers to submit all VAT transactions to them for verifying the VAT calculations.It’s a point to ponder: soon, HMRC may ‘own’ the source of tax data, your accounting records. That will signal a colossal shift of power from FD’s and accounting departments to HRMC.

Source: UK Making Tax Digital phase 2 launch

KGT developed for clients in our SAP add-on:

• The ‘sales and e-book (purchases from EU and non-EU and accounting documents such as payroll, etc.) reporting requirements are extracted, can be submitted and managed in a cockpit.
• The AP domestic purchase requirement and is something separate that is met via the SAP add-on developed. The Client has to extract information submitted by the vendors on the Mydata portal and reconcile with invoices posted in SAP, and for all reconciled documents at the end it needs to submit a summary expense classification. In some cases, when the vendor is not submitting on MyData, the Client can trigger submission ‘on behalf’ to balance the expense book on the MyData portal.

Source: KGT