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Tuesday, November 22, 2022

Digital economy is the locomotive of sustainable development

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Minister of Finance Mohamed Maait stated that the digital financial system is the locomotive of sustainable growth given the present world modifications, particularly the continued pandemic.

Maait’s remarks got here on the just lately held Info Safety and Cyber ​​Safety Convention (CAISEC22).

The minister added that the pandemic has imposed unconventional patterns mirrored in distant work and schooling, increasing digitised companies, and e-commerce. Accordingly, the digital financial system should be per the necessities to restrict the unfold of this virus.

He defined that President Abdel Fattah Al-Sisi has taken initiative to direct the federal government to proceed with maximising the nation’s digital capabilities, enabling it to attain its financial targets and meet the event wants of residents. This paves the way in which for the brand new Republic and the transition to a digital Egypt.

It additionally contributes to strengthening the governance of monetary programs, laying the foundations for monetary inclusion, and making certain the state’s rights are considered, together with simplifying and digitising procedures in a manner that helps stimulate funding and create a complicated sample of presidency work that may present distinguished companies to residents in a extra various and complete method.

Moreover, he stated that the political management has positioned cybersecurity for the data infrastructure on the forefront of the Egyptian state’s priorities, with the tributaries of the digital transformation increasing and increasing to numerous sectors.

This step can be in recognition of the significance of laying the foundations of built-in safety for information transmission networks, the messaging system, and digital archiving, in addition to making certain that any cyber threats are addressed. This contributes to localising world experience and filling any gaps in digital purposes utilizing the most recent technical means.

He identified that the Secured and Good Paperwork Complicated — the biggest and most up-to-date within the Center East and North Africa — contributes to consolidating the pillars of digital transformation by making a extra protecting and safe setting for the data infrastructure.

“Within the Ministry of Finance, we have now taken into consideration the significance of cyber safety within the varied phases of digital transformation in coordination with the competent authorities. We search to make sure that the very best ranges of accuracy, effectivity, insurance coverage, and safety for automated monetary, tax, and customs programs and e-government transactions are utilized,” Maait defined.

“This occurs in cooperation with the involved authorities in Egypt and main worldwide corporations primarily based on the implementation of digital transformation tasks on the tax and customs authorities to stop any hacking, tampering, or forging makes an attempt.”

He went on to elucidate that implementing the Authorities Monetary Administration Info Programs (GFMIS) within the budgetary entities with its accounting models — which amounted to about 2,637 models — and linking them to the digital cost and assortment system and the Treasury Single Account (TSA) contributed to closing the ultimate accounts of the finances.

The brand new finances begins from the primary day of the brand new FY in a fashion conducive to attaining transparency and high quality efficiency, whereby the budget-financed entities are capable of meet the necessities of their authorized actions and plans in accordance with the required monetary allocations. This helps improve the extent of companies and facilitate the technique of offering them to residents in varied sectors.

He pressured that the digital finances helped decide the scale of the state’s public treasury revenues in addition to the quantity of expenditures immediately after which estimate the right place essential to take any correct choices associated to the state’s public funds.

Maait additionally identified that there’s a keenness on increasing the usage of “technological options” in taxes and customs to make sure the sustainable modernisation of automated monetary programs in accordance with the most recent world requirements and experience as a part of the gradual transition to a digital Egypt.

Moreover, he stated that the Unified Automated Tax Procedures System is a real translation of efforts to combine, simplify, and mechanise the procedures for linking and amassing taxes in an correct method that takes into consideration the technical specificity of every tax and displays the rights and obligations contained within the Unified Tax Procedures Legislation on financiers or taxpayers, which is an unprecedented legislative shift.

He asserted that Egypt was capable of be one of many first international locations in Africa and the Center East to implement the digital bill system, which helps comply with up on business transactions between corporations by means of the instantaneous alternate of bill information in a digital format.

This prompted the finishing of the digital transformation course of by launching the trial of the Digital Bill System to comply with up on business transactions between financiers and shoppers in actual time in all retailers of sale and buy.

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