Ministry Collects 163.3b Br in Tax Revenue

May 25 , 2019


The Ministry of Revenues collected 163.3 billion Br in revenues in the first 10 months of the current fiscal year, a 9.8pc increase compared to last year. The Ministry, which plans to collect 235 billion Br by the end of the year, has generated 144 billion Br in the first three quarters of this fiscal year. Out of the nation’s total budget, tax revenues are expected to cover 68pc of the budget. In the reported period, the Ministry took legal action against 124 businesses that were issuing fake receipts and 68 others are being investigated, according to Adanech Abebe, minister of Revenue. “These businesses have cost the nation six billion Birr,” she said. Currently, the nation’s tax-to-GDP ratio stands at around 11pc, but the government has plans to raise the ratio to 17.2 by the end of the second edition of the Growth & Transformation Plan.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...