Economy
Council Approves Key Legal And Economic Measures
The Reporter · 5 hours ago · Read the Full Story on The Reporter
AI SUMMARY
The Council of Ministers has approved new draft laws regarding federal executive organization, an energy sector loan agreement, and amendments to value-added tax regulations.
- The Council of Ministers held its 59th regular meeting and approved a package of legal and economic measures.
- A draft law governing the powers and functions of federal executive institutions was approved for submission to Parliament by a unanimous vote.
- The executive reorganization draft was prepared following the 2026 general election in accordance with Article 56 of the Constitution.
- A 145.8 million Special Drawing Rights loan agreement with the International Development Association was approved to finance an energy-sector project.
- The Council determined that the energy loan agreement complies with Ethiopia’s borrowing policy.
- Amendments to federal value-added tax regulations were approved, altering VAT treatment and registration requirements for taxpayers previously subject to turnover tax.
- The VAT changes allow professional service providers and other suppliers who previously collected turnover tax to register for and collect VAT.
- The revised regulations remove VAT from certain supplies to protect basic goods and services costs and support domestic industry competitiveness.
- The amended VAT regulations will take effect upon publication in the Federal Negarit Gazette.
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