ADDIS ABABA – The Ministry of Revenues has collected 279 billion Birr in revenues during the recently concluded 2020/21 Ethiopian fiscal year, showing a 19.6 percent (or 45 billion birr) increase as compared to the previous 12-months.
In a statement today, the Ministry, which targeted to collect 290 billion during the period, has managed to achieve 96.2 percent of its plan.
The Ministry also said the revenues in domestic tax and customs taxes rose 29 percent and 7.2 percent, respectively.
Considering the security situation in Tigray and other parts of the region and Coronavirus pandemic induced challenges, the performance could be considered encouraging, said Lake Ayalew, Minister of Revenue said.
Authorities plan to finance 65.7 percent of the nation’s 2021/22 fiscal year budget, which is 561.7 billion birr (or $12.7 billion), through domestic channels, largely from tax revenue (334 billion).
Efforts to control illegal trades seem to work out as officials of the ministry said their customs agents seized illegal items worth 3.6 billion birr in the fiscal year that ended on July 7.
The ministry has surpassed its target, which was nearly 2.78 billion birr, or the period, and has also shown a 1.2 billion birr rise compared to the previous fiscal year, Lake reported during the two-day Council of Ministers meeting which ended today.
“This shows the increase in the capacity to control illegal trade,” the Minister said.
More than 3 billion birr worth of Contraband items were seized while they smuggled into the country, said the Minister. The remaining 633.8 million birr worth of illegal items were intercepted while leaving the nation.
Featured Image: Minister of Revenues Lake Ayalew [Photo File]
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