4b Br in illicit Transactions


The Ministry of Revenue has uncovered 124 companies that have no legal standings. To date, the companies have transacted over four billion Birr using fake receipts, without registering with the Ministry of Trade & Industry or possessing a license. “The receipts were unacceptable and illegal, and taxpayers had to be careful about them,” says Zemede Tefera, the director of legal affairs at the Ministry. In the first quarter of the current fiscal year, the Ministry audited 563 companies and found counterfeit transactions worth 722 Million Br. The audit made last month also shows that there has been over 885 million Br in fake procurements by these companies. This fiscal year, the government plans to collect over two-thirds of the federal budget from tax revenues.


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Parliament Nods for Cabinet Appointments

Federal legislators have approved five cabinet-level positions last week with a member of Parliament (MP) voted against and two abstentions were counted. Gedion Timotheos (PhD) leads the charge as the new minister of Foreign Affairs, filling in Taye Asqeselassie's shoes, where he stayed briefly before becoming the country's president. With law degrees from Addis Abeba and Central European universities, Gedion was previously Attorney General and Minister of Justice. Joining him in the redev...


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Abyssinia Group Eyes Expansion with IFC Funding

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Fitch Acknowledges Easing Financial Pressures, Enhanced Macroeconomic Stability

Fitch Ratings has upgraded Ethiopia's Long-Term Local-Currency Issuer Default Rating (LTLC IDR) to 'CCC+' from 'CCC-', citing easing financing pressures, improved macroeconomic stability, and increased confidence that local-currency obligations will not be part of the ongoing debt restructuring. This positive development comes as the government implements key reforms and secures renewed concessional external financing. The ratings agency has taken note of the introduction of a market-based ex...


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