Tax Revenues Show 8.6pc Increase

Feb 2 , 2019


[ssba-buttons]

Revenue collected from tax in the first half of the current fiscal year has shown an 8.6pc increase compared to the same period from last year, Prime Minister Abiy Ahmed (PhD) disclosed during his latest address to the parliament last week. A week ahead of the Prime Minister’s address, the Ministry of Revenues announced that it had collected 98.67 billion Br in taxes during the first half of the current fiscal year, 23.5 billion Br short of its plan. Outdated technology, lousy customer service, the public’s lacklustre attitude toward paying taxes and weak coordination between stakeholders were among the reason for the shortfall, according to Sisay Bahiru, director of strategy, planning and project management at the Ministry. Ethiopia is listed among the lowest countries in tax revenue collection in sub-Saharan Africa.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...