The Council of Ministers endorsed the regulation which is drafted to revise the Establishment Regulation of the Ethiopian Railway Corporation. The draft regulation has increased the authorized capital and paid up capital of the Corporation to Birr 221 billion and Birr 120 billion, respectively.

Once the regulation is published in the Negarit Gazzette, it is expected to allow the Corporation to complete constructing infrastructure that is in the works.

The Council also approved and referred a draft proclamation which is expected to strengthen the competitiveness and effectiveness of public enterprises to the House of Peoples’ Representatives. It is hoped that the draft bill will help the enterprises ameliorate their debt burden and enhance their social service burden without affecting their profitability.

Bills that ratify double taxation agreements that Ethiopia has signed with Luxembourg and Switzerland have also been referred to the Parliament by the Council. Once ratified, the agreements will play their part in abolishing double taxation and preventing tax evasion.

Source: Council of Ministers