2merkato

The Ethiopian Revenue and Customs Authority extended the tax deadline for Group ‘C’ taxpayers in Addis Ababa by a week to August 14th.

Group ‘C’ businesses are those businesses which have annual sales less than 100 thousand birr and who are not expected to collect Value Added Tax but pay a gross estimated annual tax amount.  

Meanwhile the deadline Group A taxpayers who are charged with monthly obligations including the collection of VAT on behalf of the tax authority is November 9th and the deadline for Group B businesses is set to the 10th of September.

Nyota Mining Limited is to get a gold mining license for operations on its Tulu Kapi site in Ethiopia.The company is expected to receive the license by the end of the coming September according to a tentative schedule said Sinkenesh Ejigu, Minister for Mines.

It is to be remembered that Nyota applied for a ten year license to carry out mining operations in the area after it submitted a Technical Feasibility Study confirming the presence of gold reserves in the area along side an Environmental and Social Impact Assessment which where both evaluated by ministry experts.

Ethiopian Airlines announced that it expects to take delivery of its first Boeing 787 Dreamliner on the 14th of August in Seattle, Washington.

The airline is proud to be the first airline from Africa, the Americas, Europe and the Middle East to take delivery of the Dreamliner and to be able to offer its passengers the unique flight experience offered by this aircraft.

Ethiopian is the only airline, other than Japan, to receive the new class of aircraft affirming its pioneer status in African aviation said Tewolde Gebremariam, Chief Executive of the airline.

Ethiopia exported just 183 tons of cotton out of several thousand tons of surplus production in the 2011-12 financial year.

The exports for the fiscal year were executed after the government lifted its 18 month export ban in March of 2012.

Ethiopian cotton went to Portugal earning 5.1 million birr according to a report released by the Ministry of Trade. Exports would have been higher if it had not been for the ban said a manager of the Ethiopian Cotton Producers and Experts Association.

Colba Tannery, Ethiopia has received environmental protection and quality accreditation from a UK based ISO Quaar. The accreditation means that Colba is one of the four tanneries with ISO certification.

Colba is the only company to receive both certificates at the same time according to the company officials.

The company, which received an ISO 9001/2008 certificate for its quality management system and the the ISO 14001/2004 certificate for its environmental management system, is owned by Ayele Dejene.

The National bank of Ethiopia is to hire a consultant to support its plans to prepare a regulatory framework for the launch of mobile and agent banking services in the country.

The technology is expected to be helpful but it prudent to be careful in regards to security issues before implementing a new system said an official with the Banking Supervision Directorate of the NBE.

The central bank will be hiring a consultant with a view towards such security concerns and to enable it to create a document that will enable the bank to supervise the use of the new services said the source.

Tullow Oil is set launch drilling activities on its concession in the South Omo region of Ethiopia. The international gas and oil exploration company expects to begin drilling in January of 2013 according to a senior official with the Ethiopian Ministry of Mines.

Tullow Oil had informed Ethiopian officials of oil reserves potentially larger then discovered in Uganda or Kenya while the company was finalizing its Full Tensor Gradimametric Gravity Survey and collecting seisimic Data.

The company’s management has assured Ethiopian authorities of oil discoveries within a year although officials have been reluctant to raise expectations amongst the public with more evidence it was said.

The aviation sector in Ethiopia is showing growth according to all standards announced the Ethiopian Civil Aviation Authority.

Ethiopian civil aviation is at the average standard internationally and amongst the few African countries with a safety record of 200 departures as compared to just 105 three years ago explained Endeshaw Yigezu, Directory of the Air Transport Planning Directorate of the authority.

The authority encourages private investment in the sector by offering a range of privileges in accord with the Investment Code such as duty free import privileges, and priority in various sectors including exploration, tourism, aerial and humanitarian sectors he said.

Private investors however are inhibited by financial constraints and the shortage of comptent aviation personnel noted Endashaw.

The top management of the Ethiopian Commodity Exchange, including the Chief Executive, handed over the reins to the new management team under Anteneh Assefa.

The official transfer ceremony was marked when Dr. Eleni and Anteneh rang the bell to start the day’s trading on the commodity market together.

The five members of the top management team handing over their duties include Dr. Eleni Gebemedhin, founding CEO of the exchange, Ahadu Wubishet, (Operations Officer), Bemnet Aschenaki, (Strategic Officer), Solomon Edesso (Information Technology Officer), Sirak Solomon (Compliance Officer).