A system issued by the Ministry of Finance and the Egyptian Tax Authority (ETA), which stipulated the cancellation of paper transactions and their replacement with electronic transactions, was launched in November 2020.
How e-Invoice works
Digitalization of the invoicing process as a whole is already in full swing, and electronic invoicing is at the core of the operation. Electronic invoicing, or e-invoice, describes the process of replacing the usual exchange and processing of invoices, credit notes & debit notes to an electronic structure format between buyer and seller through an integrated electronic solution.
The facilities provided by the e-Invoice system
Eliminate violations resulting from unintended human error.
Facilitating the submission of the tax return.
Ensure that all data issued to customers and suppliers are correct.
Classification of your company among the low-risk companies.
The possibility of conducting the tax inspection remotely.
Decreasing the administrative burden.
Your invoices are issued in English and Arabic.
The possibility of having notifications of deduction, addition, and cancellation of electronic bills.
Each invoice is characterized by the presence of its identification number UUID and the invoice number within the company.
Reducing the tax evasion community.
Elimination of the paper interaction, which will save a sufficient amount of time and collect precise and more accurate data.
Protect your company from any transactions with fictitious companies.
Registration with the E-Invoice System
The registration of the taxpayers with the E-invoice system differs according to the following:
· Taxpayers who do not have ERP System:
They shall register themselves on the E-Invoice Portal. Only companies which do not have an ERP System can be registered with the E-Invoicing Portal. And the website of the Egyptian Tax Authority provides a full guide on how to register. Fatorty can automate its invoicing cycle by acting as a financial app to issue invoices.
· Taxpayers who have ERP System:
They need to Integrate with the E-Invoice System, according to the technical guidelines provided by the Egyptian Tax Authority.
Fatorty Middleware and the e-Invoice System
Fatorty Middleware provided by Advanced Computer Technology (ACT) is a secure link between your company's financial applications(ERPs) and the electronic platform of the Tax authority, which automatically carries your billing data from your company's financial applications. The latter is responsible for processing accounting transactions and managing accounts, in addition to the following functions:
Verifies the presence of all required data in your invoices before sending them to the Tax authority platform.
Coding the items to comply with the requirements of the Tax Authority.
It activates the electronic signature and the unified number for each invoice.
Deliver your invoices to the electronic tax authority platform to be officially approved.
Covering diversified operations in different industries and taxation requirements.
Outlines of Fatorty Middleware
Fatorty is the latest of ACT’s software.
A fully automatic review of all your invoices to ensure that they meet the requirements before submitting them to the electronic Tax Authority platform.
Provide full support by the Fatorty team for your company. This includes troubleshooting, resolving any issues that may arise, and continuous updates to maintain compliance with ETA requirements.
The 24/7 support service desk is available to answer any inquiries you might have and assist with any feedback regarding the service provided.
100% complete compliance with the current ETA regulations and taxation rules with continuous monitoring and adjustments based on any changes to maintain compliance
Fatorty is capable of dealing with any accounting system, whatever its equipment and your company's software.
All sectors from restaurants, real estate, hotels, health, petroleum, and education are able to use it.
Effortlessly follow up and amend any billing procedure in a certain period that cannot be passed.
Putting electronic time on invoices according to the tax authority.
You can run it on multiple properties and entities through one server.
Upload your invoices from your company's ERP software to the Tax authority platform.
Follow up on all invoices while notifying you immediately in case of any violations.
06 April 2022
ACT is now officially a Premier Commvault Partner.