Ethiopia Lifts-Up Tax On Export of Semi-Finished Leather Products

opinion

Ministry of Trade and Industry announced that Ethiopia has lifted-up the tax imposed on export of pickled and white blue leather products since January 06/2020 to rescue the sector.

Briefing the media on Wednesday State Minister Teka Gebreyesus stated that the implementation of tax on export of semi-finished leather products has seriously affected the sector.

Meanwhile Teka noted that since the tax imposed on the sector was high and identified as the main factor for the sector's failure, government decides to lift the tax on exporting of pickled, white blue and crest products in accordance with 61/2012 proclamation implemented since Monday January 06/2020.

Ethiopian Raw Hides and Skin Suppliers' Association President Berhanu Abate noted that although Ethiopian hides and skin are most preferred, taxation appeared to be potential hazard for the sectors performance.

According to him, 80 percent of hide and skin traders withdrew from the leather industry following the enforcement of the tax. (The Ethiopian Herald)

World Bank cuts Ethiopia GDP forecast to 6.3% for 2020 fiscal year

The World Bank has cut Ethiopia's economic growth forecast to 6.3 percent for the 2020 fiscal year, down from an earlier estimate of 9.0 percent, citing the growing debt burden of state-owned firms and a worsening security situation.

Ethiopia's central bank earlier this week forecast the economy would expand by 10.8 percent in its 2019/20 fiscal year that ends in July, up from nine percent in the previous year.

Prime Minister Abiy Ahmed (PhD), who came to power in 2018, has started ambitious economic reforms aimed at opening up one of Africa's fastest-growing but most closed economies.

The government says the first sector to be liberalized will be telecom.

It plans to issue two telecoms licenses to multinational mobile companies this year, ending a state monopoly. It has also pledged to gradually liberalize its exchange rate.

Ethnic violence in Ethiopia has displaced more than 2.7 million people over the past two years. (Reuters)

United bids farewell to CEO

United Bank SC bid farewell to its former CEO, Taye Dibekulu, on Saturday January 4, 2020 at the Hilton Addis. The event was attended by the Bank's Board of Directors, higher officials and invited guests. The Bank recognized Taye Dibekulu's years of service with an appreciation note from the Board Chairman and the current acting CEO.

During the event, Taye was awarded with a Toyota Land Cruiser V8 which he has been driving while serving as CEO of the Bank, a net amount of half a million birr and a gold chain necklace that has the logo of the Bank. The event was highlighted with Taye Dibekulu's remark of good wishes to the Bank and commitment to stand with the bank and offer his support whenever required.

United Bank is a full service Bank that offers its customers a wide range of commercial banking services with a network of 288 Branches and seven sub-branches. (Press Release)

Abiy honored with Equatorial Guinea's highest national accolade

Prime Minister Abiy Ahmed (PhD) has been honored with Equatorial Guinea's highest national accolade.

The award is in recognition for his contribution for peace at home and the African continent.

During the visit, the Prime Minister and President Teodoro Obiang Nguema Mbasogo held discussion on bilateral issues of mutual concern.

They exchanged views on how to strengthen relations between the two countries.

The two countries also signed a memorandum of understanding (MoU) to cooperate in areas of culture and tourism.

The Prime Minister also visited the country's oil refinery and riverside development project.

After concluding his visit to Equatorial Guinea, the Prime Minister traveled to South Africa for a two-day official state visit.

The visit aims to strengthen the diplomatic relations between the two countries and elevate their ties to a strategic level.

During his visit, the Prime Minister met with South African President Cyril Ramaphosa, other senior government officials and Ethiopian nationals residing there. (FBC)

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