Ministry Forms Office to Broaden Tax Base

Oct 23 , 2018


The Ministry of Revenues has formed an office to control unregistered and untaxed businesses in the country. The announcement came at the launch of a tax campaign last Friday. “The office will be responsible for bringing unregistered businesses under its radar,” says Adanech Abebe, minister of Revenues. The size of the commercial section involved in these unregulated and untaxed economic activities is substantial, according to the minister. The office will also have the mandate to take legal actions, when necessary, and is tasked to broaden the tax base and increase tax revenue. For the current fiscal year, the ministry plans to raise 230 billion Br from domestic taxation. Last November, the ministry collected 8.5 billion Br, a shortfall of 11.7pc from planned tax revenues.


Radar

Abyssinia Bank Strategic Moves Pay Off, Driving Profit Growth

The Bank of Abyssinia (BoA) enjoyed another profitable year, amassing 4.23 billion Br net profits, an increase of 10.5pc from last year. The Bank announced total assets of 222.3 billion Br, surging by 17.3pc. Total deposits mobilised through the year climbed by 33.97 billion Br to 192.51 billion Br, while loans and advances reached 167.7 billion Br. However, the bank exhibited a nominal decline in its foreign currency earnings totalling 424 million dollars. Earnings per share also showed a ma...


Radar

$100m Project Mulls Public Transportation Make-Over

A 100-million-dollar project aims to manufacture over 5,000 diesel-powered and electric public transport vehicles for the capital. The proposed project was launched hoping to replace the ageing vehicles and improve safety, efficiency and quality across the city's urban transport system. Last week saw an MoU inked between executives of Multiverse Enterprise Plc and Addis Abeba Minibus Associations and was held at Vamdas Entertainment near Megenagna. The agreement includes plans to replace 15,000...


Radar

Safaricom Soars with 6.1 million Customers

Safaricom Ethiopia reported significant commercial growth in the first six months of the 2025 fiscal year (April to September 2024), with notable increases in both mobile (GSM) and M-PESA services. The company's network and services reached a population coverage of 46pc, growing from 30pc in the previous year. This expansion was supported by the addition of over 1,000 network sites, bringing the total to more than 3,000 across the country. Safaricom Ethiopia saw a surge in its customer base,...


Back
WhatsApp
Telegram
Email