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Ethiopia's Banks coughed up 1.5 Billion Birr ($90.6 mil) in windfall tax

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01/12/11

  01:32:29 am, by admin, 162 words  
Categories: Business, Ethiopia, Finance

Ethiopia's Banks coughed up 1.5 Billion Birr ($90.6 mil) in windfall tax

Ethiopia's Banks coughed up 1.5 Billion Birr ($90.6 mil) in windfall tax

Ethiopian government has collected about 1.5 Billion Birr ($90.6 million) from private and government banks operating in the country, Addis Fortune said. According to the report, out of the 15 banks currently operating in Ethiopia, all paid the government mandated windfall tax, except Development Bank of Ethiopia (DBE). The government mandated the windfall tax on all financial institutions for gains made from the devaluation of the Birr against a basket of foreign currencies by the central bank on September 1, 2010. The deadline to pay the special tax was January 3, 2011.

Dashen Bank paid the largest amount, surpassing the state owned Commercial Bank of Ethiopia (CBE), which paid close to 286 million Br. Berhan International Bank, a new entrant to the banking sector, paid the lowest amount at 8.6 million Br. Out of the private banks, Wegagen paid the second largest amount of 223.4 million Br. State owned Development Bank of Ethiopia owes 125.4 million Br and requested extra time to pay.

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Comment from: DownSize [Visitor]
DownSize

What is this? Can somebody explain? It is not shame to ask something you don’t understand. Please I want the answer from someone who has the knowldge rather than ….

01/12/11 @ 02:12
Comment from: c´moi senait [Visitor]
c´moi senait

We will Nationalize all these PRIVATE Own looter Bank. They are good for nothing.

01/12/11 @ 03:32
Comment from: Globalization and its Discontents [Visitor]
Globalization and its Discontents

@DownSize,

windfall tax is a tax imposed by governments on certain sectors/businesses when they over profit amidst particular economical or financial changes. in this case as you read it on the news or as you probably know already, the financial sectors have made an over anticipated profits.

hope this helps a little bit.

01/12/11 @ 03:33
Comment from: Jobir [Visitor]
Jobir

I do not see the point of this being public. The money is most probably stashed away to Azeb Mesfin’s account in some Island country…or even Swiss Bank. Swiss Bank should be sued to reveal all the money deposited there by the families of dictators in Africa. Why a civilized European country allows this kind of immoral and criminal activity just to make a few bucks is beyong me.

01/12/11 @ 04:23
Comment from: ment4you [Visitor]
ment4you

smells to me like stealing money from the banks ….

01/12/11 @ 05:38
Comment from: Clapton [Visitor]
Clapton

Why DBE couldn’t pay the government a dime is because Azeb Mesfen cleans their account to build Mesob cement, and since then she has not bayed back a cent.

01/12/11 @ 06:38
Comment from: teshome [Visitor]
teshome

Why is everything owned by Tigreans the highest in the country? Dashen bank is and example.

01/12/11 @ 07:46
Comment from: haimanot [Visitor]
haimanot

DownSize,
A downsized like you cannot understand such ABC financial/commercial affairs.Upsize yourself so that you can know what it means.

01/12/11 @ 08:14
Comment from: lu [Visitor]
lu

I did not like the title, it has anti -tax, anti government,neoliberal, right-wing sentiment . This same sentiment has made the US with crumbling infrastructures,debt ridden declining nation. Businesses are supposed to make profit and then pay tax,what is the big deal ?

01/12/11 @ 08:38
Comment from: deno [Visitor]
deno

I hope you are not being sarcastic. The banks made more profit due to the government devalueating Birr. So they are being asked to pay tax on extra money they made due to Birr devaluation.

01/12/11 @ 09:32
Comment from: teklay tekeste [Visitor]
teklay tekeste

Down Size you are first to critisize EPRDF and you do not know what windfal tax mean.Go and GOOGLE,
You dummy.

01/12/11 @ 09:51
Comment from: ewnetu zegeye [Visitor]
ewnetu zegeye

from plunders to plunders

01/12/11 @ 10:00
Comment from: Senait [Visitor]
Senait

DownSize, Let us say you had $100 in your pocket and the exchange rate was 1500 birr. Now, the government devalued birr say by 10% and suddenly the $100 you have in your pocket worth more by 10% and then Meles comes and say, no, you haven’t worked hard for this and i need 75% of that profit. That is what exactly happened.

01/12/11 @ 10:28
Comment from: esu [Visitor]
esu

thanks Downsize - me too i am with u bro – is any one pls-

01/12/11 @ 13:24
Comment from: cool [Visitor]
cool

don’t ask just google it, you will find the answear

01/12/11 @ 14:45

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rebtel

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