2merkato

Ethiopia is to introduce a new customs proclamation designed to ease and modernize the custom processes in the country.
The Ethiopian Revenue and Custom Authority has already finalized the work required to amend the custom laws in an effort to simplify customs procedures according to Melaku Fenta, Director General of the Authority.

The amendment will be put before the Council of Ministers and the Parliament soon for final approval he said.

It is expected that new law will introduce structural adjustments in how the authority functions and in human resource management.

The Ethiopian Petroleum Supply Enterprise (EPSE) will begin collecting a new fuel tax next month as part of the government’s ongoing fiscal reforms. The measure introduces a combined 30 percent levy on petroleum products, consisting of a 15 percent value-added tax and a 15 percent excise duty.

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.