Federal Tax Authorities Laud 'Improvement' in 337b Br Revenues


Federal Tax Authorities Laud 'Improvement' in 337b Br Revenues

The federal government collected close to 337 billion Br from taxes and duties in the fiscal year that ended earlier this month. It is a little over a fifth higher than revenues collected the year prior, and 23 billion Br lower than what officials at the Ministry of Revenues had projected. Domestic taxes, primarily value-added tax (VAT), account for over half of the revenues. Customs duties generated over 140 billion Br. Though officials at the Ministry, headed by Lake Ayalew, say the performance is an improvement, tax revenues are shrinking in real terms due to pandemic, runaway inflation, currency depreciation, civil war, and political instability. Lake is tasked with executing the administration's plan to collect 2.6 trillion Br in taxes over 10 years and boost the tax-to-GDP ratio to around 20pc. It is an ambitious target, as Ethiopia's ratio has been continuously declining for the last decade, dropping to nine percent last year. It is nearly half the 17pc average for Sub-Saharan Africa. Federal tax authorities plan to collect 439 billion Br this year.

[ssba-buttons]

Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...