Finance Minister Mohamed Maait attended the signing of a memorandum of cooperation between the Egyptian Tax Administration (ETA) and the Federation of Egyptian Banks (FEB) regarding membership checks in the electronic invoicing system.
The protocol was signed by ETA President Reda Abdel Qader and FEB President Mohamed El-Etreby.
Maait said that this protocol comes in appreciation of the effective role of the banking system in building the national economy, as it is a major driver of the production wheel and a critical contributor to economic renaissance. to which all efforts are converted.
He explained that the units of the banking system are important entities in the Egyptian economy and that there is constructive cooperation between the Ministry of Finance and the Federation of Egyptian Banks to implement the provisions of the law in accordance with the system of full automation adopted by the state.
For his part, Reda Abdel Qader underlined his concern to disseminate tax awareness, build bridges of trust with all parts of the tax community and strengthen cooperation with the banking system represented by the Federation of Egyptian Banks.
He added that he had taken the decision to form a joint committee of the Egyptian tax administration and the Federation of Egyptian Banks, to study the implementation of ministerial and interest decisions related to the application of the system of electronic invoice, in order to sign a protocol between the Egyptian tax administration and the Federation of Egyptian Banks.
Mohamed El-Etreby said that the signing of this protocol comes from the federation’s feeling of the importance of global mechanization and its role in the advancement of production and the national economy, and in the maximization of efforts to integrate the informal economy into the formal economy. He thanked the Minister of Finance and the head of the Egyptian tax administration for communication and cooperation with the Federation to discuss tax issues affecting the banking system.
He added that banks are the mainstay of the national economy and the state’s public treasury, and they wish to support the state’s policy to digitize transactions in the Egyptian economy in order to improve the business climate and motivate investors in accordance with the “Egyptian Vision 2030” in the interest of the national economy and our dear Egypt.
He pointed out that this protocol would make it easier for banks to adhere to the electronic invoicing system without violating account confidentiality and customer data retention provisions.