ADDIS ABABA – The government of Ethiopia has secured close to 32.8 Billion Birr in tax revenues in the month of November, up by 40% from the same month last year, the ministry of revenues said on Friday.
The performance has exceeded Ministry’s target for the month after collecting 109.2% of the 30.02 Billion Birr in tax revenues.
“The performance shows an increase of 9.38 billion Birr or 40.08% from the revenues obtained in the same month last year,” the ministry said in a statement.
November’s performance has taken the government’s tax revenues from the first five months of the current fiscal year to 195.77 Billion Birr, showing a 48.4 Billion birr or 33.85% growth from a similar period last year.
The Ministry of Revenues, which planned to collect 196.5 Billion Birr from taxes, put its tax collection success rate at 99.61%.
“Both the taxpayers and collectors have contributed to the successful results registered in the five-month period,” said the ministry.
The results put the Ministry on the course to attain its annual tax revenue target for the 2022/22 Ethiopian Fiscal Year which started on July 8,
The government has set a 450 Billion Birr revenues target for the fiscal year following an encouraging 20.6% jump in annual tax revenues in the preceding year.
Despite the growth, officials see its GDP ratio leaves much to be desired and wants to push for sustained reforms to increase the tax base and administration to attain a tax-to-GDP ratio of 18.2% by the end of 2019/30.
Last week, the Ministry of Revenues initiated a process to adopt an Integrated Tax Administration System (ITAS) digital solution that automates end-to-end tax processes in the country.
The post Govt’s Tax Revenues Grew by 40% to 32.7bln Birr in Nov appeared first on Ethiopian Monitor.
Source: Link to the Post