2merkato

The Ethiopian Revenues and Customs Authority discovered millions in unpaid back taxes through its continued investigation of oil companies. Unpaid taxes from Total Ethiopia and National Oil Company have particularly been identified according to sources.

Total has paid 11.9 million birr of the 23.9 million that it was required to pay in unpaid VAT and withholding tax. It is contesting the remaining 12 million birr said sources.  The authority determined the amount it was owed based on payments made for technical services. This is in transgression of the tax law which designates that all payments in consideration of any kind of technical services or expert advice rendered outside of Ethiopia in any form shall be liable to tax at a flat rate of 10pc, which shall be withheld and paid to the tax authority. 

The Ethiopian Commodities Exchange (ECX) is to offer 80 more full membership seats according to members. The seats will be offered to traders who have had limited membership rights so far. The additional seats will be sold in auction in November.

The auction will only be made open to those who have been involved in trading at the ECX.

The Ethiopian Airports Enterprise announces that 80% of the first phase of Kombolcha airport has been completed. The new airport is important to the town because it is an industrial hub and needs to deliver products more efficiently said Wondim Teklu Public Relations Head at the Ethiopian Airports Enterprise.

The Kombolcha Airport is a 44 million birr project under construction by Akir Construction PLC. The first phase of the airport includes a 37 million birr run way and apron, 7 million birr passenger terminal and a perimeter gate.

Samsung introduced new products to the Ethiopian market on Thursday. At the event held at the Hilton Hotel the Korean conglomerate unveiled various products ranging from home appliances to mobile technology to distributors and other visitors.

The event was designed as a chance for Samsung to establish its African investment strategy ‘Built for Africa’ according to Tadewos Awol, Country Manager of Samsung Ethiopia. It was also a chance to showcase the latest products and technological innovations according to Tadewos.

Ethiopia is set to establish a National Accreditation Office (ENAO). The institution will be charged to accredit the competence of Conformity Assessment Bodies (CABs) performing activities like calibrations, tests, inspections and inspections.

ENAO has been organizing offices, preparing manuals and training personnel according to Nigussue Kibru Head of Communication and Public Service. 30 employees were trained by the South African National Accreditation System and three days worth of training on the General Accreditation Standard ISO/IEC17011 was given by experts from India in December he said.

Diageo plc, concluded the first 30pct down payment for the acquisition of Meta Abo Brewery. The International producer of beverages wired the first installment of payment for its purchase to the Ethiopian Privatization and Public Enterprises Supervising Agency (PPESA) account on Thursday. 

The importance of standards to Ethiopian business was underscored at the celebration of the the World Standards 2011. Standards play a very important role in technology transfer according to the Ethiopian Standards Agency (ESA). The role standards play is especially important to enable developing countries like Ethiopia to benefit from new technologies said Almaz Kahsay ESA, Director General.

Standards will also help promote trust between clients and the business community while reinforcing national and international regulations to establish a fair trade system according to Almaz. Standards also help to ensure fair and convenient circulation of products and services internationally, she said at a press conference to mark the Work Standards Day 2011.

Elsewedy Cables Ethiopia will begin producing transformer and power saving bulbs next year. This will be part of the 20 million US dollars investment the Egyptian company is expected to make in the coming year according to Ibrahim Qamar, Elsewedy General Manger.

Elsewedy is responding to the increased preference of power saving bulbs over conventional ones by the Ethiopian government which has led to more demand said Ibrahim.

The Samsung conglomerate announced plans, on Thursday, to collaborate with the Ethiopian Revenue and Customs Authority (ERCA) to halt the import of counterfeit products into the country. The South Korean Corporation is particularly interested in eliminating counterfeit products in the mobile phones sector.

Samsung plans to address the problem of counterfeit products gaining access to the African market according to Jong Oh Lee, Samsung East Africa Regional Market Director. The ‘gray’ or counterfeit products are particularly a problem in the mobile phone sector he said at a press conference at the opening of the Samsung Ethiopia Week.

Tigray Resources Inc has announced that it has completed nine diamond drill holes since mid-August in Ethiopia. The holes are approximately 1700 meters and have been completed on drill sections 80 meters apart at Terakimti and are part of ongoing exploratory drilling.

Drilling is targeting a zone approximately one kilometre in strike length identified through geological, structural and alteration mapping; gold anomalous gossan outcrops; soil geochemical anomalies; IP, resistivity, gravity and EM targeting; and results from 12 previously drilled holes.The lab is expected to deliver the results for the first eight diamond drill holes in four to six weeks.