Council Approves Amended Excise Tax Law

August 22 , 2020


Council Approves Amended Excise Tax Law

The Council of Ministers in a session held yesterday, August 22, 2020, approved the amended excise tax law. The bill enables businesses to import and manufacture products that are subjected to excise tax without a business license. The Council, in its decision to amend the excise tax provision, has allowed non-registered and non-licensed individuals to engage in importing and the production of materials, as well as providing services subject to an excise tax. Dated to be effective until March 9, 2020, it was endorsed to the parliament for approval. Excise tax revenue represents about 0.73pc of the country’s GDP, much lower than the average 1.4pc of GDP in the Sub-Saharan Africa region. In the same session, the Council approved a mass media policy that was crafted hoping to bring a solution to the lack of a comprehensive policy, which has been cited as an obstacle to the improvement of the industry.


Radar

Leather Industry Struggles to Meet Expectations

The struggling leather industry managed a little over 33 million dollars in export earnings over the first 10 months of the financial year. It is less than half of officials' aspirations to generate 69 million dollars over the same period, and highlights the troubles faced by the industry over the past few years. Exports from finished leather goods plunged 72pc last year from three years ago. Only eight finished leather manufacturers accounted for 89pc of last year's export earnings, sh...


Radar

Corporation Calls on Suppliers for 200,000tn Sugar Procurement

Executives of the Ethiopian Sugar Corporation have taken steps to procure 200,000tn of sugar from international suppliers. The Corporation had invited shortlisted companies to submit offers, after an attempt to procure the sugar through an international tender went awry. However, officials at the Ministry of Finance instructed its executives to scrap the invitation and proceed to float a second bid. The shortlisted suppliers have also been invited to take part in the bidding process. T...


Radar

TAGGED

Youth in the National Theatre area are waiting for the bus to start moving. They have found a handle to grab and accelerate them ones its starts moving as they ride their skateboard. Although skateboarding is nearly unheard of in Ethiopia, over the past few years, young people have developed a taste for it. Safety, though, leaves a lot to be desired...