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TAX! |
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Melaku Fenta, director
general of the Federal Revenues and
Customs Authority, says the
current drive in revenue
collection is part of a
grander scheme of creating
an integrated tax system and
agency in three years; and
unlike what many say is an
effort to meet the 30
billion Br revenue target
for the fiscal year. |
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n The
Federal Revenues and Customs
Authority (FRCA), under the
directorship of Melaku Fenta,
is on a strong drive in the
auditing and reviewing of
the accounts of at least
1,000 firms registered at
the federal level, from the
total of 13,000 share and
private limited companies it
has in its books. There are
six audit teams that have
been formed to conduct the
operation launched a few
weeks ago. |
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n Of the 1,000 companies identified based on sectors - the
immediate focus is on the
service sector, while the
manufacturing and
investments ones would
follow later - close to 700
of these businesses have
already responded to queries
from tax officials; 680 of
these are in the category of
large taxpayers, while the
audit on 410 companies has
been completed. |
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The results of the audits are staggering.
Companies are being requested to pay tens of
millions of Birr in tax arrears. At the time
Fortune went to press on Friday night, March
27, 2009, the largest claim - close to 100
million Br - was demanded from Salini
Construction. This claim was the result of
documents tax officials claim they recovered
from customs declarations. On the tax front,
it is a company, SNAP, that has been
requested to pay the largest, 22 million Br,
while OMEDAD Plc was asked to pay 15 million
Br. All insurance firms are under close
scrutiny for their issuance of guarantees
for temporary imports, yet failed to ensure
that the goods are indeed out of the
country, or duties are paid on them if they
have not yet been returned. |
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Condos worth over 924m Br to
Sprout up Near Summit Factory |
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Three districts have started mega projects of
condominium construction on 188hct of an entirely
new development site about 13Km from downtown Addis,
near Summit area, in the south east part of the
city. |
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Food Aid Imports Enter Via Berbera Port |
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WFP confirmed that a convoy of 16 trucks and lorries
had arrived in the eastern town of Jijiga from
Berbera Port. The trucks were loaded with some 375
metric tons of sorghum for WFP beneficiaries in the
Somali region. Men, women and children who are still
enduring the impact of last year's severe drought
and of high global food and fuel prices will benefit
from this aid. |
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Absence of Nile Ins. Ex
Director Leads to Prosecutor, Defense Verbal Scuffle |
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The Federal High Court, Sixth Criminal Bench, was
packed on Thursday afternoon, March 26, 2009. The
chamber was so full that many people were compelled
to stroll around and others had to sit under the
shade across from the court room. |
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First Lady Makes it to
EFFORT's Helm |
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Azeb Mesfin, the wife of Prime Minister Meles Zenawi,
has been appointed as deputy head of the Endowment
Fund for the Rehabilitation of Tigray, also known as
EFFORT. She will serve under Abadi Zemu, the chief
executive officer (CEO) of EFFORT, replacing Sebhat
Nega, the most senior leader of the TPLF. |
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Resumption of Production to
Quench Coca Cola Thirst |
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Normal production resumed in two of the three
production lines in the firm’s Addis Abeba bottling
branch located along Dejazmach Balcha Aba Nefso
Street last Wednesday, March 25, 2009, and in the
days following, distribution of its products
throughout the city has been going on. |
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Weeding out of Coffee Hoarders
Continues |
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The Ministry of Agriculture and Rural Development (MoARD)
hinted to a further action in suspending the
licenses of coffee exporters and suppliers after it
had made the move on six exporters last week. |
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CBE’s “Gift” Labour Grievance
to Land in Court |
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The Labour Union of the Commercial Bank of Ethiopia
(CBE) is preparing to take its dispute with the
bank’s management to court after the Federal Labour
Board said it cannot preside over the case, sources
disclosed. |
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African Aviation Expert
Advocates Cut in Operational Costs |
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About 35 aviation industries involved in
maintenance, repair and overhaul (MRO) from South
Africa, Libya, Algeria, Burundi, Madagascar,
Namibia, Uganda, Zimbabwe, Nigeria, Egypt, Ethiopia,
Singapore, France, UK, US, Middle East and China
participated at the event held in Sheraton Addis. |
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High Court Convicts Ex Nib
Bank’s Branch Manager, Shareholder |
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The Federal High Court has found a former branch
manager, as well as a shareholder of Nib
International Bank (NIB), guilty as charged on
Friday afternoon, March 27, 2009, for swindling
400,000 Br from the bank three years ago. |
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Liberalisation of Finance,
Telecom Not Imperative to WTO Accession: USAID Official |
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Contrary to popular assertions so far, an official
at the USAID suggests that Ethiopia’s accession to
the WTO may be achieved without making the financial
and telecom sectors more competitive at present. The
former sector is reserved for Ethiopian nationals,
while the latter is under state monopoly. |
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ETC Auditor Testifies in Grand
Corruption Case |
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Prosecutors in the case on alleged grand corruption
involving former managing director of the Ethiopian
Telecommunications Corporation (ETC), Tesfaye Birru
(PhD), et al., last week brought an employee
of the corporation in audit areas to the Federal
High Court, First Criminal Bench, to testify against
the defendants. |
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European Wheat Import Arrives |
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The first consignment - 400,000 quintals - of the
300,000 metric tonnes wheat the Ethiopian government
bought from Europe arrived at Port Djibouti last
week, authorities at the Ethiopian Grain Trade
Enterprise (EGTE) disclosed. |
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Flower Power Frail as Global
Meltdown Cuts |
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The industry is in such gloomy economic
circumstances, testing times for the sector not
helped by the forex crunch at home. It is in this
scenario that last week, the Ethiopian Horticulture
Producer and Exporters Association (EHPEA) hosted 97
foreign and 233 local companies involved in the
sector at a three-day biennial horticulture expo,
Hortiflora Ethiopia 2009. |
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