Minister of Finance: Sister countries asked to use our experience in “electronic account”
dr. Mohamed Maait, Minister of Finance, affirmed that Egypt, with its wise political leadership, managed to create a new history by moving steadily towards the transition to a digital economy, in an unprecedented march of construction and development, to move into a “new republic”; Believing that a conscious understanding of digital transformation goes beyond the transition from a paper-based work environment to an electronic one, as it is a key pillar in the development journey.
The minister explained that we started with the system of electronic declarations, and then started automating the unified system of tax procedures, in parallel with the application of the “electronic account” system, which was accessed by about 135 thousand companies and more, so far more than 412 million electronic documents have been submitted, as it integrates the “electronic invoice” system, Electronic Receipt, which has so far received 31 million electronic receipts, thus covering commercial transactions electronically and in real time between companies, up to the service provider or end consumer.
In his speech during the ninth edition of the exhibition and conference on financial technologies and digital inclusion (PAFIX), as part of the activities of the twenty-sixth session of the International Exhibition and Conference of Technology in Cairo (Cairo ICT), the minister added that our ambitious projects based on optimal use of the latest developing global financial, tax and customs technology. The Egyptian administrative systems, sponsored by President Abdel Fattah El-Sisi, reflected in the provision of full support to ensure the rapid and accurate completion of the national project of modernization and digitization of the tax system, which was launched in January 2019, with the aim of simplifying, mechanizing and consolidation of tax procedures. To make it easier for financiers and to avoid their objections, as they say: “When electronic systems speak… there is no place to speak of arbitrary estimates.” In this way, the state has a greater possibility of limiting the tax community, more precisely by integrating the informal economy; He is responsible for the expenses of the public treasury.
Especially with the electronic one-stop customs system, and we are moving strongly towards the mechanization of the Egyptian economy, which is growing and expanding with unprecedented huge development projects that create millions of jobs, noting that these successive successes resulted in a 20% increase in tax revenue during the last fiscal year, as we make strong progress towards achieving our strategic goal of right-sizing the Egyptian economy, curbing the informal economy, and then improving financial and economic performance indicators, attracting more investment and creating employment opportunities.
The minister indicated that Egypt has begun to regain its leadership in the region, as sister countries have asked to take advantage of our national experience in the application of the electronic account and create a strong electronic arm for the country that is working to implement its strategic plan in digital transformation, which is embodied in the company “E. Finance and E. Tax and E. Health and MTS.
The minister confirmed that the pressure continues on the deadlines to complete the implementation of the system for automating the preparation and management of salaries and benefits of workers in state administration bodies by the end of next month through the “Payroll” system. units of the administrative apparatus, public services and economic bodies and local government units, which have already been implemented. In the entities that will move to the new capital, where the new system provides new guarantees for the accuracy of the calculation of the contributions of state employees, and the unification of the procedures for the calculation of “tax” deductions on labor and insurance”, in such a way as to contribute to the strengthening of administrative bodies’ control over the financial allocations prescribed for salaries, and provides an accurate database of actual salaries. helps us in researching the increase in income, explaining that from the beginning of 2023 the “Payroll” system at the national level will be transferred to all sectors of the national economy, including the private sector, the business sector and other sectors, which will start experimentally in a number of companies, and then gradually mandatory in various sectors.
In this context, said the minister, we cannot forget the “GFMIS” system, which represents a purely Egyptian success story. Rather, we did it with pure patriotic minds and Egyptian expertise among the competences working in the Ministry of Finance, and during an intensive time program that was started with the phase of cancellation of paper checks For all accounting units, with a total of 61,000 closed accounts in the period from December 2016 to November 2017. In parallel, work was done on the implementation of the state financial information management system from August 2017 to March 2018, which greatly encouraged us to complete the process of digital transformation and localize the technology in the Advanced Systems for Controlling the State’s Financial Operations, and our goal is the electronic integration of the system for the preparation and management of salaries and allowances of civil servants “Payroll” with two state financial information management systems “GFMIS” in the budget bodies and the system of electronic p “GPS” transmission, for the purpose of consolidating management and achieving transparency. Automation is the implementation, closure and release of final reports for the 2021/2022 budget, around £4.5 trillion.
