2merkato

A new company, New Life for Civil Servant General Business, is being formed to re structure the wholesale and retail goods business in the country with an aim of stabilizing the national market and to ensure equitable wealth distribution.

The company is in the process of floating shares with shares being primarily offered to employees registered on payrolls through the Tax Payer Identification numbers.

Payroll employees make up a significant portion of the tax payer base in the country but are not able to take advantage of the bank loan system according to Abel Hailemariam, General Manager of the new company.

The deposits made into the economy by payroll employees are utilized by businesses in the economy which control the commodities market creating monopolistic systems and ultimately resulting in skyrocketing prices he explained.

New company has joined Ethiopia’s petroleum market to sell and distribute different petroleum products. The company’s name is Gomeju Oil Ethiopia and it owned by Tewodros Yeshiwas and Genet Gebreigzabher.

Con.Com (Construction Communication), a new reference catalog detailing product and service providers in the construction sector in Ethiopia was launched last week. Con. Com is published by MCS General Trading.

The catalog listed the details of 255 companies engaged in the construction sector as service and material providers. It is expected that the publication will enhance the marketing and strategy system of the sector.

MIDROC Ethiopia is to build a cooking oil factory in Ethiopia's capital Addis Ababa worth four billion USD. The cornerstone for the factory has been laid down in the presence of Takele Uma, Deputy Mayor of the city.

The Ethiopian Revenues and Customs Authority issued a new directive which allows manufacturing companies importing raw materials into Ethiopia to be taxed on the basis of their transaction costs.

The customs authority will conduct a post clearance audit within 15 days to reclaim the balance should there exist discrepancies between the transaction values on the invoices and ERCA’s data.

This directive aims to alleviate delays in production due to the time it takes for raw materials being processed by customs according to Fekadu Bekele, Customs Valuation Directorate.