The National Bank of Ethiopia has issued a new directive that clears the path for e-payment options, effective 1st April 2020. The Bank said the directive is “important” to promote the safety and efficiency of the payment system.
A new study proposed that the 10 percent excise tax imposed on imported textile products be lifted.
The study also suggested that separate taxes be imposed on finished and partially finished textile products replacing the indiscriminate 35 percent tax.
The proposal was made following a study by the association of textile producers in collaboration with concerned government bodies.
Results of the study indicated that the association and the government had reached a common understanding that it was not right that all kinds of textile products should be taxed uniformly, Sleshi Lemma, director general of the Institute of Textile Industry, said.
The Ministry of Trade and Regional Integration revealed that the African Trade Ministerial Council has accepted Ethiopia's proposal to trade 5,700 goods, constituting 90% of products, within the African Continental Free Trade Area (AfCFTA).
Redwan Hussein, Head of Government Communication Affairs Office (GCAO), disclosed the Ethiopian government will not make a significant devaluation to birr against the major currencies.
During the second phase of the Growth and Transformation Plan (GTP II), which runs from 2015 to 2020, Ethiopia is going to spend a total of USD 20 Billion Birr on its power development program.
