Tax Revenues Generate 19.2b Br

Dec 14 , 2019

The Ministry of Revenues has collected 19.2 billion Br in tax revenues in November, which is 104pc of its target. The Ministry had targeted to collect 18.3 billion Br in tax revenues, but the performance passes the plan by four percentage points. Comparing the result with the same period in last fiscal year, the revenues show growth of just under six billion Br, an increase of 36.1pc. In this fiscal year, the Ministry targets to collect 253 billion Br in taxes to cover 65pc of the federal budget. During the last fiscal year, tax revenues generated 197.2 billion Br, which was 83.7pc of the target.


E-Consultation Portal Launched to Boost Stakeholder Engagement

An e-consultation manual and portal designed to enhance stakeholder engagement in the drafting of laws before their final ratification stage was launched last week. Developed by the Business Environment & Investment Climate (BEIC) project team, the platform operates under the oversight of the Justice and Technology ministries. It aims to improve transparency, efficiency, awareness, and effectiveness throughout the law formulation and enactment process. According to Belayhun Yirga, stat...


Trade Ministry Changes Guard

Prime Minister Abiy Ahmed (PhD) made a series of appointments last week, assigning Kassahun Goffe (PhD) as the new Minister of Trade & Regional Integration. Kassahun, who previously served as the State Minister, succeeds Gebremeskel Chala, who navigated the country through various trade reforms. The appointment comes amidst an export slump, as Ethiopia has faced major economic and political headwinds over the past few years. The Ministry reported a shortfall of 863 million dollars from it...


Ahadu Bank Savours First Taste of Profits

Ahadu Bank registered a 175 million Br gross profits in the ended year, turning around its financial performance. The two-year-old Bank established with 503 million Br in paid-up capital mobilised from 9,600 shareholders has also managed to double the figure to 1.03 billion Br. Ahadu's total assets have also nearly doubled to 6.3 billion Br, while its operating income soared to 1.15 billion Br from financial services for nearly 700,000 customers. It also expanded its branch reach across the c...