HPR endorsed the bill on Thursday by majority vote after holding thorough discussions on the draft bill and on recommendations forwarded by the Budget and Finance Affairs Standing Committee.

The newly endorsed bill is believed to play crucial role in reducing government’s request for loans from local financial institutions and in stabilizing the existing inflation in the country.

According to the amended bill, the tax levied on bottled water and soft drinks is reduced to 20 percent from 40 percent earlier.

The new bill lifted the tax levied on ready-made traditional wears in order to enable local manufacturers become competent in the sector.

It also reduces taxes and avoids double taxation on importation of imputes meant for automobile assembly plants and textile manufacturers in bid to provide protection to local manufacturing industries.

Meanwhile, HPR referred three draft bills same day to the concerned standing committees for further scrutiny.

One of the bills refers an Agreement between Ethiopian government and Organization for Petroleum Exporting Countries (OPEC) Fund International Development singed to enable the latter finance the ‘Saula-Kei-Afer rural electrification project’.

The other two bills refer to an Agreement between the Ethiopian government and the Czech Republic and an Agreement between Ethiopian and French Governments to enable the countries avoid double taxation and curb tax evasion.

R-2:21-2:58 pm

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