CBE, Agency Ink Data Integration Agreement

Jul 18 , 2021


The state-owned Commercial Bank of Ethiopia (CBE) and the Federal Document Authentication and Registration Agency have signed a memorandum of understanding to enable data integration for quicker access to legal documents. Officials at the Bank disclosed that the move was necessitated by issues with forged power of attorney documents, which require lengthy procedures to verify and correct. The new digital system will enable the CBE to access the necessary information using a QR code. The system will work even if network systems are down and the service is free. Though the CBE is the first to officially adopt the system, integration has been completed with 17 other banks and the Agency is currently awaiting agreements, according to Muluken Amare, director-general of the Agency.


Radar

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...


Radar

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...


Radar

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...