ADDIS ABABA — Ethiopia’s Ministry of Revenue announced a near-record tax collection of over 512 billion birrs for the fiscal year 2023/2024, nearing its target of 529 billion birr. This accomplishment marks a significant stride in the nation’s fiscal management, driven by enhanced tax collection systems and compliance efforts.

According to Ethiopian News Agency, the impressive revenue figures are largely attributed to improvements in tax collection capacities and the punctuality of taxpayer contributions. The announcement was made during discussions with taxpayers and stakeholders at the Intermediate Tax Payers No. 2 Branch Office, aimed at reinforcing tax law compliance and setting objectives for the 2024/2025 fiscal year.

During the forum, Minister Niguse praised the diligent taxpayers whose timely payments contributed substantially to this fiscal achievement. She underscored the importance of maintaining this momentum into the new fiscal year, which has already seen a promising start with 29 billion birrs collected in July alone.

Finance Minister Ahmed Shide also spoke at the event, addressing the broader context of Ethiopia’s macroeconomic reforms. He detailed the government’s efforts to cushion citizens from the economic shifts, including a substantial subsidy program for essential goods and fuel. The government allocated 15-billion-birr last month for fuel subsidies alone, with projections indicating that total subsidies might soar to 100 billion birrs in the upcoming months.

Minister Shide emphasized the crucial role of public cooperation in the ongoing success of these reforms and expressed gratitude towards the taxpayer community for their continued support. He encouraged all stakeholders to keep engaging constructively to ensure the stabilization and growth of Ethiopia’s economy.