2merkato

Ethiopia has been named the top travel destinations of 2015 by the Russian branch of the National Geographic Traveler magazine, according to Ethiopian News Agency.

Ethiopia emerges as the largest recipient of Foreign Direct Investment (FDI) in East Africa, said a new report from the global financial consulting firm EY.

The Revenue and Customs Authority of Ethiopia has announced the reduction of the 20 million birr capital requirement set for IT companies interested in supplying electronic cargo devices to 5 million birr.

ERCA reevaluated the former directive which required a company to have 20 million birr in capital, a five year contract with a major IT supplier, and present a performance bond worth 2 million birr to certify as a vendor for the tracking devices as many in the domestic IT sector protested the criteria.

The current amendment to the directive not only lowers the capital requirements by 75% but it also allows assets of the company to be considered as capital. ERCA also offered a bank guarantee of a similar value as an alternative to the 2 million birr insurance bond required by the directive.

Ethiopia reduced duties on imported materials for the textile and garment sector according to Sufian Ahmed, Minister for Finance and Economic Development.

The decision was made a meeting arranged between Sufian, and Mekonnen Manyazewal, Minister for Industry as well as senior representatives of the Ethiopian Revenues and Customs Authority, the Textile Development Institute and the Ethiopian Textile and Garment Association

Duties on imported textiles were reduced to 20 percent from 35 percent for garment manufacturers while no duties will be suspended for all imported spare parts required by textile and garment manufacturers.

Ethiopian government is reevaluating its ban on private Palm Oil importing companies that has been in place since May 2011, Addis Fortune reported.