Domestic products substituted import goods worth USD 1.9 billion during the past nine months of the fiscal year. Commenting on the achievement, the Ministry of Agriculture, the Ministry of Revenues, and the Ministry of Industry stated that they would be able to achieve their plan for the current fiscal year.
Ethiopia’s draft income tax proclamation is said to equip Ethiopian Revenue and Customs Authority (ERCA) with significant powers. The powers are said to be given to the Authority in the aim of expanding its tax collection power.
Businesses in Ethiopia will no longer be required to present minimum capital statements in order to be registered, if a proclamation to amend the Commercial Registration and Business Licensing Proclamation is approved by the federal legislature, House of Peoples Representative (HPR).
Ethiopia’s law making body, House of Peoples Representatives’ (HPR), sent a draft custom bill to two of its standing committees; Budgetary and Finance Affairs Standing Committee and the Law and Justice Administration Affairs Standing Committee.
The House of Peoples’ Representatives today deliberated on a draft proclamation aimed at regulating how foreign nationals can own immovable property in Ethiopia. The draft, which proposes to ease long-standing restrictions on foreign ownership, was referred to the Standing Committees on Urban Infrastructure and Transport Affairs and Law and Justice for further review.
