Sinopia News Top

Directive for New Export Proclamation to Be Ratified

A directive to implement the new Export Trade Duty Incentive Proclamation is expected to take effect in January of 2013. The new proclamation is intended to boost export oriented business.

It is expected that the new plan will be implemented beginning on the 9th of January, 2013. The directive will be implemented as announced by the government at the end of last month.

Government authorities held talks with various stakeholders in the sector on the day before the announcement. The Ministry of Industry also sent the amendment document to all stakeholders for further comment.

Originally the new plan was to be applied as of November 10, 2012, but after the meeting with stakeholders in the business it was extended. This extension was required because of some confusion noted by amongst stakeholders in the sector according to the Ministry of Industry.

The new amendment will improve some of the drawbacks of the old which was recognizably slow and forced exporters to wait almost a whole year to exercise their duty according to the amended document. The new directive expects to by reducing this time to only 30 days after a formal request read the document.

Two different governmental bodies, the Ethiopian Revenues and Customs Authority and Ministry of Finance and Economic Development, have made a contribution to the new directive.

Source: Capital