2merkato

The Ethiopian Revenue and Customs Authority is to launch a new system to control under invoicing for imported products.

A new computer program designed by Indian tech firm, The Center for Development of Advance Computing, is expected to transform the way the tax authority assesses tax according to sources.

The new system will set prices for imported goods on the basis of transaction costs which will be a better alternative to the not so successfully program currently being used by ERCA to avoid under invoicing. The pilot for the new system will be launched this month according to ERCA officials.

The Ministry of Transport and Logistics has announced plans to introduce new vehicle registration plates featuring Ethiopia-specific identifiers and advanced security technology. The nationwide replacement is scheduled to be completed in the 2025/26 fiscal year.

The National Bank of Ethiopia (NBE) has commissioned a study to introduce a 200 birr note as the highest legal tender instead of the hitherto 100 birr note.

Considering the inflation in the economy, which surged to 39 percent in July, a currency with 100 birr note as its highest denomination cannot sustain the volume of transaction in the economy, experts say.

Ethiopia has prepared a draft law which will amend the existing income tax proclamation, Fana Broadcasting Corporate reported.

The Ethiopian Communications Authority (ECA) revealed that it would issue a second telecommunications license by the end of 2023. The entire licensing process could take two to three months allowing the third license to be issued in either November or December 2023.