Ethiopia’s tax revenue has increased by over US$1B this year compared to the previous year. The Ministry of Revenue of Ethiopia has collected close to 198.5B birr (about US$5.9B at the current exchange rate) during the first ten months of the current budget year started July 8, 2019.
The Ministry stated that the money collected is 35.3 B birr (about US$1.05B) more than the amount collected same period the previous budget year. The Ministry stated that amid the global pandemic of COVID-19, it has achieved 90 per cent of its target for the period.
The Ministry, which recently announced tax incentives that set free the business community from paying penalties, among others, has set a target to collect a total of 270B birr at the end of the current budget year (after two months).
In a related development, Customs Commission of Ethiopia, which is a section of the Ministry of Revenue, has indicated that it has seized 40M birr (close to US$1.2M) worth goods this week. Over the past few months, the Commission has been seizing over US$1M worth goods every week from the people engage in contraband trade.
Among the goods seized by the Commission include food items, medicines, narcotic drugs, tobacco, bullets and pistols, among others.
Source: New Business Ethiopia