2merkato

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.

The newly appointed head of Diageo’s African Regional markets, Ekwunife Okoli will oversee the conclusion the transaction for Ethiopian Meta Abo Breweries.

The company may launch other products into the Ethiopian market after finalizing its takeover of Meta Aba said Okoli.

The Ministry of Transport and the Ethiopian Maritime Affairs Authority are working on a directive with provisions for cutting container lease costs and the repossession of cargo left at dry ports for a certain period of time.

New private equity firm opened in Ethiopia, Ascent Capital, is set to finance local businesses including newly established businesses. It is the second equity firm in Ethiopia, following SGI.

The Ethiopian Ministry of Justice (MoJ) has drafted a new bill that authorizes the establishment of legal firms for the first time. The draft bill allows the establishment of law firms offering advocacy services as ‘Ordinary Partnerships’.

The new bill will prohibit members of a law firm from membership in multiple legal firms and from providing private advocacy services.