Nation Reaps Record 512 Billion Birr Revenue in FY 2023/2024

Addis Ababa: Ethiopia's Ministry of Revenue reports a significant achievement, collecting over 512 billion birr in taxes during the 2023/2024 fiscal year.Minister of Revenue, Aynalem Niguse, attributed the success to factors including increased revenue collection capacity and taxpayers timely tax payments.The Intermediate Tax Payers No. 2 Branch Office held discussions with taxpayers and stakeholders to enhance tax law compliance.The forum will also address the implementation of the fiscal year plan and outline the branch's goals for the upcoming 2024/2025 fiscal year.on the occasion, the Minister highlighted the progress made in revenue collection, noting that the target of 529 billion birr for last fiscal year was almost met.She also emphasized the importance of taxpayers who fulfill their obligations promptly.The ministry reported a strong start to the new fiscal year, collecting 29 billion birr in July alone.Finance Minister Ahmed Shide addressed the taxpayer community on the government's ma croeconomic reforms, emphasizing the measures taken to mitigate their impact on citizens.He outlined the government's subsidy program for essential goods and fuel, including a 15 billion birr allocation for fuel subsidies in the past month.The minister warned that the total subsidy could reach 100 billion birr in the coming month as the government works to stabilize the economy.He stressed the importance of public cooperation in the success of the macroeconomic reforms and encouraged continued support from taxpayers.Source : Ethiopian News Agency