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Some of the goods which the VAT exemptions apply to are: real estate services, humanitarian aid, religious and cultural services, certain financial services, transportation, utilities, mosquito nets, etc. [7] Zero rates are only applied to exports, gold that is supplied to the National Bank of Ethiopia and to international transportation.
The ministry was established under Proclamation No.916/2008 on 7 July 2008 with reorganization from the former Ministry of Capacity Building. [1] Its envisaged to observe public service and complete its mission ethically by 2020, as well as contributing economic development and social welfare by promoting modern Tax and Customs Administration.
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
It is responsible for general financial management and economic policy of Ethiopia, in addition to the allocation of economic assistance. Formerly the Ministry of Finance, it has its origins in the ministerial system introduced by Emperor Menelik II in 1907.
A turnover tax is similar to VAT, with the difference that it taxes intermediate and possibly capital goods. It is an indirect tax, typically on an ad valorem basis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be charged on some companies.
A value-added tax identification number or VAT identification number (VATIN [1]) is an identifier used in many countries, including the countries of the European Union, for value-added tax purposes. In the EU, a VAT identification number can be verified online at the EU's official VIES [ 2 ] website.
Ethiopia's economy is ranked 159th place out of 190 countries in 'Ease of doing business'. [35] Ethiopia is also a part of African Continental Free Trade Area, Common Market for Eastern and Southern Africa, Intergovernmental Authority on Development, and the G24, and has observer status at the World Trade Organization.