Latest Business Alerts

Tax levied on Undistributed Dividend Applies

The Ethiopian Revenue and Customs Authority affirmed that the tax levied on undistributed dividend applies to private limited companies and share companies.

The authority contradicted the claims made about the legality of the tax by members of the business community claiming that the tax proclamation served as the framework for the application.

The authority will enforce the payment of ten percent of accumulated net profit earmarked for distribution amongst shareholders even if it remains undivided said Melaku Fenta, Director of the ERCA speaking at meeting he had with members of the business community protesting the law last Saturday. Add a comment Add a comment

Ethiopia to Introduce New Customer Service Charter

The Ethiopian Revenues and Customs Authority is to introduce what is known as a ‘customer charter’ designed to ensure better services for taxpayers.

The charter introduced by the authority at a discussion with taxpayers and other stakeholders at the Addis Ababa, Ghion Hotel details 28 major services and specifies time frames for service delivery.

Some of the services detailed and the time frame allotted to them include tax payer registration expected to take no more than 10 to 30 minutes, closing a business should take no more than 30 minutes, help with operating a cash register machine, 5 to 20 minutes, duty free privilege service no more than 2 days and clearance services 30 minutes according to the charter. Add a comment Add a comment

Ethiopian Airlines Academy Graduates 90 Trainees

The Ethiopian Airlines Aviation Academy graduated its most recent batch of graduates this week. The Academy graduated a total of 90 graduates.

The aviation Academy graduated 65 cabin crew trainees who had undertaken three months of training at the Academy said Samuel Assefa, Vice President of the Academy speaking on the occasion of the graduation.

The remaining graduates, a total of 25 graduated from the Modularized Aviation Maintenance Technical School after 11 months of training he said. The almost year long training included general and specific courses according to Samuel.

The academy is training crew and staff to meet the demand for trained personnel for Ethiopian Airlines as well as others to play its part in the development and modernization of the aviation sector nationally and regionally he noted. Add a comment Add a comment

Addis University to Establish Technology Business Incubation

Addis Ababa University, foremost institution of higher education in Ethiopia, is to establish a Technology Business Incubation Center as well as a Science and Technology Park. The proposed center, the Addis Ababa University Technology and Business Incubation Center, will be a center to promote excellence in entrepreneurship development as well as serving to commercialize technological innovations at the university.

It is expected to offer a range of support services including infrastructure, finance, management assistance and a support network to strengthen new and emerging entrepreneurial efforts it was said at a at a workshop organized to promote the proposed center. The center is also expected to support the university’s aim to strengthen technology transfer, and research and development efforts. Add a comment Add a comment

Condominium Shops Fetch Record Prices in Addis Ababa

Condominium shops in Lideta area of Addis Ababa sold for a record amount according to the city Housing Development Projects Bureau. The municipality earned 284.8 million birr from the sale of the condominium shops that sold more than eight times the floor price.

The Housing Development Projects Bureau received 14 thousand bids for the 150 shops it had on offer and announced 149 successful bids.

The successful bidders will pay 50 percent of the agreed upon sum upfront and the balance over a period of five years through the Commercial Bank of Ethiopia. Add a comment Add a comment