Business Proclamations and Regulations

Real Estate Bill Presented for Consultation

The prospective ‘Real Estate Development and Marketing Proclamation’ bill was tabled for consultation. The bill is intended to address the complaints presented against real estate developers failing to comply with purchase contracts. The current draft of the bill allegedly places stringent requirements on developers in terms of honoring contractual deals.

The prospective bill also deals with the issue of licenses, use of land and space, as well as the transfer procedures for completed houses. The bill prohibits the transfer of homes that are less than 50% complete.

A desk designated for real estate issues at the Ministry of Urban Development and Construction is suggested by the bill.

 

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Ethiopian Electricity Feed in Tariff Proclamation to be Revised

The Ethiopian electricity Feed-in-Tariff Proclamation that was expected to be passed by the end of the year is to be revised according to sources.

The new proclamation is intended to encourage private investors to take an interest in the production of renewable energy.

The new Feed-in-Tariff Proclamation was to be passed into law during this year to facilitate large scale deployment of renewable energy investment by providing investment security and market stability for private investors investing in the sector.

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Ethiopian Insurance Business Proclamation Makes Changes to the Industry

Ethiopia’s newly ratified ‘Insurance Business’ proclamation has made several changes to how the industry operates. The new proclamation prohibits insurance companies from providing policy coverage on credit according to a notification issued by the national bank in a circular signed by Temesgen Zeleke, Director of the Insurance Division Directorate at NBE.

The particular change will require immediate action by the insurance companies according to a contract administration manger for an insurance company.

The National bank is requiring insurance companies to collect outstanding credit and to prepare policies on a cash basis alone going forward said Temesgen.

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Ethiopia to Amend Money Laundering Law

The Financial Intelligence Center is preparing a draft bill to amend the ‘Anti-Money Laundering and Combating the Financing of Terrorism proclamation’ enacted in 2009.

The amendment is necessary because the current bill is vague and does not comply with international conventions it was said.

The amendment will seek to refine the current law by detailed definitions of some of the terms, to avoid constant cross referencing to other laws and take into account international conventions according to Berihu Tewoldebirhan, Legal Services Head with FIC.

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Ethiopian Parliament Approves Chat Excise Tax

The Ethiopian House of People’s Representatives approved a new Chat excise tax law. The new law will result in the administration of Turnover Tax or Value Added Tax on the sale of the stimulating leaf.

The law has the dual intention of administering official income tax from the domestic trade in Chat as well as discouraging the local consumption of the substance.

The proclamation levies excise tax on any person transporting or handling Chat for commercial purposes in addition to all other direct or indirect taxes applicable.

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