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.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...