👨🏿🚀TechCabal Daily – Egypt’s biggest data grab
In today's edition: South Africa wants automated VAT || Egypt wants real-time loan data || Egypt holds interest rate at 19% || Who secured the bag? 💰
Egypt is considering a more efficient VAT system with automatic tax collection. The South African Revenue Service (SARS) recently proposed a Digital VAT Model that would rely on e-invoicing, data sharing, and automated reporting. This model aims to replace the current process where businesses calculate and declare VAT themselves, and wait for SARS to review their returns.
Under the proposed system, invoices would be created as standard, machine-readable formats shared between businesses through an interoperability network. SARS would then match transaction data with other information to assess VAT continuously. Currently, a PDF invoice sent to a customer would not be considered a true e-invoice. This new system is expected to be more efficient for businesses with enterprise resource planning (ERP) systems.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
