Ministry, Private Banks Sign Electronic Tax Agreement

Jun 12 , 2021


The Ministry of Revenues signed an agreement to establish an electronic tax payment system with four private commercial banks – Awash, Dashen, Hibret and Berhan – on June 9, 2021. The Ministry started the initiative two years ago and has so far inked deals with five banks and the Information Network Security Agency. The electronic system is expected to help do away with the inconveniences associated with filing and paying taxes as well as improve collection. According to data from the Ministry of Finance, the contribution of Ethiopia’s tax revenue to its GDP was just 9.8pc in the 2018/2019 fiscal year. The venture is also hoped to play its part in avoiding delays and the subsequent penalties associated with late tax payments. The state-owned Commercial Bank of Ethiopia was the first to sign up for the electronic system two years ago.


Radar

Tech Ministry Falters as Audits Expose Mismanagement, Unmet Ambitions

The Ministry of Innovation & Technology is under scrutiny after an audit revealed lapses in project management and financial oversight. This raised questions about governance standards within a Ministry central to the country's tech-driven growth ambitions. According to the Federal Auditor General, the Ministry has completed only 11pc of its planned projects with its overall financial administration standing at 37.4pc for a year-long project that commenced in 2022. Budget mismanagement an...


Radar

Central Bank Keeps Lending Lid Tight as Inflation Squeezes Economy

The Central Bank has reaffirmed its decision to maintain an 18pc cap on credit growth, reinforcing a commitment to tighter monetary policy during persistent inflation and economic uncertainty. The National Bank of Ethiopia's (NBE) monetary policy committee cited ongoing concerns over inflation, which stood at 19.9pc year-on-year (YoY), and liquidity imbalances as reasons to uphold the restriction on lending. Bankers and analysts interpret this move as evidence of regulators' determination to...


Radar

Ethio Telecom Expands Services with DStv Streaming

Ethio telecom enters the entertainment pool with bundled DStv streaming services through high-speed broadband internet and mobile data packages. The partnership with MultiChoice Ethiopia aspires to merge the telecom's fiber broadband and mobile network with DStv's content. Subscribers can access DStv channels through mobile data or fiber broadband bundles, with discounts of up to 35pc through Telebirr or My Ethiotel (*999#) and up to 26.5pc at sales centers for fiber broadband bundles. Acc...