Lawmakers Approve Revised VAT Bill

Jul 6 , 2019

Parliament legislated a new Value Added Tax (VAT) proclamation, which replaces a 17-year-old law. The new proclamation will reduce the VAT reporting time from 12 times a year to just four for companies with an annual turnover of more than 70 million Br. The amendment also aims at reducing the workload on middle and lower level taxpayers, as well as time and human resources of the Ministry spent on handling filings from taxpayers who report zero VAT collected, known as nil reports. It will also enable companies to receive refunds for the VAT they paid while buying capital goods of over 100 million Br within a month, which they would not have been able to get unless they become operational according to the previous system.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...