FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds




Ministry Announces Tariff Cut for Export Commodities

Apr 25 , 2020


[ssba-buttons]

The Ministry of Transport has decreed new price reductions to support the export manufacturing industry and alleviate economic pressure caused by the Novel Coronavirus (COVID-19). The decision includes having the Ethio-Djibouti Railway provide free transport for industrial parks using it to export goods for a period of three to five months depending on the unfolding situation, effective May 1, 2020. Similarly, the Ethiopian Shipping & Logistics Services Enterprise will reduce port and transport fares at Modjo Dry Port for the manufacturing export industry for the duration of the state of emergency. All products from the Hawassa Industrial Park designated for the port will be given a 50pc reduction on transportation fees. Additionally, all dry port service fees will be reduced by 50pc. The Enterprise is also availing up to a 73pc reduction of the market price on all export items travelling from Djibouti to different parts of the world for all of its customers. For materials difficult to transport by railway, the Ethiopian Shipping & Logistics Services and transport companies will avail their services at a 50pc reduced rate.


Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...