During the first six months of the current fiscal year Ethiopia’s notary office, Documents Authentication and Registration Office (DARO) managed to raise 107.9 Million Birr from stamp duty sales.

This achievement has surpassed the office’s target, which was 86 Million Birr. DARO entertained 607,200 customers during the period. Yet the plan was to serve a total of 703,373 in the six months and transfer 74 Million Birr to the government’s coffer.

The target set for the number of cases DAR put was 342,425 and with regard to the amount of transfer to government coffer was 86 Million Birr.

The nation’s notary office attributes the achievement to the free market economy that allows both local and international investors to make high investments.

On the other hand it blamed the shift in the approval of minutes in share companies from the whole shareholders’ signature to the board members’ signature only, for the decline in the number of cases.

This arrangement was done following an agreement DARO made with the Ministry of Trade and other concerned office for the purpose of saving time and labour.

Source: Fortune