Ethiopia tax revenue increases by $1 billion

Ethiopia’s tax revenue has increased by over one billion dollar this year compared to the previous year. The Ministry of Revenue of Ethiopia has collected close to 198.5 billion birr (about $5.9 billion 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 billion birr (about $1.05 billion) more than the amount collected same period the previous budget year. The Ministry stated that amid the global pandemic 0 COVID-19, it has achieved 90 percent of its target for the period.

The Ministry, which recently announced tax incentives that sets free the business community from paying penalties, among others, has set a target to collect a total of 270 billion 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 40 million birr *close to $1.2 million) worth goods this week. Over the past few months, the Commission has been seizing over a million dollar 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.