2merkato

The cereals market in Ethiopia has shown a degree of stabilization with a slight decline in the price of produce.

The price of cereals declined or remained constant due to a mehar harvest expected to be bumper in spite of an irregular rainy season. The harvest is expected to increase the supply of staple grains on the market with and lead to a further decline in prices later on this year according to a report issued by the United Nations Office for Co-ordination of Humanitarian Affairs. Add a comment Add a comment

The Ethiopian Metal and Engineering Corporation announced a profit of 181 million birr for the past financial year. The corporation registered a profit for the first time having recorded a loss of more than 381 million birr in its first year of operation.

METEC was able to register profit by addressing problems with the majority of the nine companies under its umbrella that had failed to perform in the previous financial year according to Kinfe Dagnew, General Manager of the corporation delivering an annual performance report to the House of Peoples Representatives.

The corporation’s revenue has shown a significant increase to 16.7 billion birr from a little over half a billion birr the previous budget year he noted. It plans to enhance its revenues to 28.4 billion birr in the current fiscal year although it has only managed to collect 4.5 billion birr as gross revenue in the first six months.

Total, Ethiopia, is to move its headquarter offices to a four storey building around the African Union Commission as its current location is in the way of the Addis Ababa City Light Railway under construction.

The railway project will demolish more than one half of the company’s headquarters close to the Gotera Interchange necessitating the move to building it had just rented said Jonathan Molapo, Chairman of Total Ethiopia.

The company is happy to pay this small sacrifice to support the increasing pace of development in the country as evidenced by the significant infrastructural development project including the railway said Molapo. Add a comment Add a comment

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