The Government of Ethiopia is set to boost its annual income from excise tax every year by around a billion dollars, said a government official. Finance State Minister Eyob Tekalign told reporters on Tuesday that the government has finalized revision of excise tax law of the country that enable the government to collect additional 20 to 30 billion birr ($around 702 million to $1.1 billion) annually. He stated that the increase of revenue from excise tax will play a crucial role in enhancing the development of various sectors, including education, health and agriculture. The State Minister Eyob indicated that the pilot program will be made on seven government institutions this Ethiopian fiscal year, Eyob added. Recently the Ministry of Revenue of Ethiopia has indicated collecting a total of 145 billion birr ($5 billion) during the first nine months of Ethiopian fiscal year started July 8, 2019.

Source: News Business Ethiopia May 08, 2019 20:03 UTC