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.



Street vendors around the Shola area take a rest in the shades of the capital's newly planted trees. Upon reporting on its 10-month performance before Parliament, the Agriculture Minister, Girma Amentie indicated that up to 43pc of the arable land in the country has been rendered acidic. This requires large amounts of limestone to be imported from abroad; the tight forex crunch has not allowed the Ministry of Finance to fund the endeavour easily. Following the rallying call of the Prime Minister...



Residents of communal houses around the Weji area hang their clothes on the fences outside. Textile manufacturing accounts for 87pc of Ethiopia's products from industrial parks. Expulsion from the African Growth & Opportunity Act (AGOA) due to the war in the North resulted in Ethiopia being expelled from the preferential trade act. Most companies choosing to rent sheds within the industrial parks do so out of a desire to access the duty-free privileges provided for African countries. Ethiopi...



Vendors put traditional beauty products from the Somali Regional State for sale around Mexico area. In November of last year, the Ministry of Finance banned imported goods under 38 categories, including cosmetics, packed foods, and furniture, from accessing letters of credit. The move resulted in the tripling of costs for cosmetic items like lipstick and nail polish. As Ethiopia ran a 14 billion dollar merchandise trade deficit last year due to import bills hiking by 26pc , a tight clampdown on...