cbe

USD
124.0086
126.4888
,
GBP
152.3866
155.4343
,
EUR
128.3365
130.9032
,
CHF
134.1436
136.8265
,
SEK
11.0023
11.2223
,
NOK
10.7134
10.9276
,
DKK
16.8993
17.2373
,
DJF
,
JPY
0.7759
0.7914
,
CAD
84.628
86.3206
,
SAR
33.0073
33.6675
,
AED
33.7659
34.4412
,
INR
,
KES
,
AUD
75.3049
76.811
,
ZAR
,
CNY
16.6728
17.0063
,
KWD
394.889
402.7867

awash

USD
131.8212
134.4576
,
GBP
172.6765
176.13
,
EUR
147.1099
150.0521
,
JPY
0.7796
0.7952
,
SAR
31.7241
32.3586
,
AED
32.4024
33.0504
,
CAD
86.0067
87.7268
,
CHF
142.9774
145.8369
,
NOK
10.6884
10.9022
,
DKK
17.2963
17.6422
,
SEK
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

abyssinia

USD
131.6954
134.3293
,
GBP
170.9625
174.3818
,
EUR
144.0696
146.951
,
AED
35.8579
36.5751
,
CHF
157.9271
161.0856
,
SEK
13.5537
13.8248
,
NOK
12.7144
12.9687
,
CAD
94.5816
96.4732
,
SAR
35.1122
35.8144
,
CNY
18.2242
18.5887

abay

USD
131.7912
134.427
,
GBP
175.0451
178.546
,
EUR
147.5139
150.4642
,
AED
35.8772
36.5947
,
ZAR
7.2929
7.4388
,
SAR
35.1359
35.8386
,
JPY
0.9033
0.9214
,
CHF
157.3626
160.5099
,
AUD
84.4123
86.1005
,
CNY
18.2739
18.6394

zemen

CAD
94.6346
96.5273
,
EUR
146.8004
149.7364
,
GBP
168.7161
172.0904
,
SEK
13.5418
13.8126
,
USD
131.8582
134.4954

buna

USD
131.8099
134.4461
,
EUR
146.9991
149.9391
,
GBP
164.1011
167.3831
,
AED
35.7075
36.4217
,
SAR
34.1012
34.7832
,
CAD
89.1012
90.8832
,
AUD
64.239
65.5238
,
JPY
0.8603
0.8775

nib

USD
130.6114
133.2236
,
GBP
173.4547
176.9238
,
EUR
146.6885
149.6222
,
CHF
156.7494
159.8844
,
CAD
94.114
95.9963
,
AED
35.5599
36.2711
,
SAR
34.8223
35.5187

berhan

USD
130.1183
132.7207
,
EUR
147.2472
150.1921
,
GBP
168.7349
172.1096
,
CAD
93.4825
95.3522
,
AED
35.4237
36.1322
,
CNY
18.0602
18.4214

wegagen

USD
131.8313
134.4679
,
GBP
175.5729
179.0844
,
EUR
147.6774
150.6309
,
CHF
157.9603
161.1195
,
SEK
13.5654
13.8367
,
CNY
18.3114
18.6776
,
JPY
0.9096
0.9278

dgb

USD
128.1012
130.6632
,
EUR
137.0599
139.8011
,
GBP
157.4803
160.6299
,
CHF
130.8214
133.4378
,
SAR
29.9468
30.5457
,
AED
36.7329
37.4675
,
CAD
79.1617
80.7449

enat

USD
131.4204
134.0488
,
EUR
147.3987
150.3467
,
GBP
171.1441
174.567

ahadu

USD
131.7648
134.4001
,
GBP
174.1091
177.5913
,
EUR
147.0413
149.9821
,
CAD
58.8603
61.8033
,
SAR
21.7111
22.7967
,
AED
22.1751
23.2839

addis

EUR
147.598
150.55
,
GBP
171.4862
174.9159
,
USD
131.8556
134.4927
,
CHF
158.6137
161.786
,
JPY
0.9077
0.9258

dashen

USD
131.6771
134.3106
,
EUR
146.1616
149.0848
,
GBP
169.5081
172.8983
,
CAD
86.1165
87.8388
,
AED
32.4434
33.0923
,
SAR
31.7645
32.3998
,
CNY
16.5064
16.8366

oromia

lion

USD
131.8944
134.5323
,
GBP
171.3959
174.8238
,
EUR
147.0918
150.0336

developmentbank

USD
130.7765
133.392
,
GBP
174.4035
177.8916
,
EUR
146.9405
149.8793
,
CHF
156.5623
159.6936
,
SEK
13.5301
13.8007
,
NOK
12.6958
12.9497
,
DKK
19.6979
20.0919
,
DJF
0.7324
0.7471
,
JPY
0.8959
0.9138
,
CAD
93.9554
95.8345
,
SAR
34.8663
35.5636
,
AED
35.6029
36.3149
,
INR
1.5324
1.5631
,
KES
1.0106
1.0309
,
AUD
84.717
86.4114
,
SDR
175.7113
179.2255
,
ZAR
7.1735
7.3169
,
CNY
18.1516
18.5146
,
KWD
425.416
433.9243

coop

USD
131.5606
134.1408
,
GBP
168.331
171.6976
,
EUR
143.4649
146.3342
,
AED
32.994
33.6538
,
SAR
32.2674
32.9128

gadaa

USD
131.821
134.4574
,
GBP
163.5356
166.8063
,
EUR
149.9273
152.9258
,
AED
33.7659
34.4412
,
SAR
33.0073
33.6674
,
CHF
134.1436
136.8265

hijra

USD
131.9114
134.5496
,
EUR
144.6753
147.5688
,
GBP
169.4142
172.8025
,
SAR
35.4047
36.1128
,
AED
36.1516
36.8747

amhara

USD
131.98
134.6196
,
GBP
176.7344
180.2691
,
EUR
150.1668
153.1702
,
CAD
95.3268
97.2334
,
AED
35.9335
36.6521
,
SAR
35.1834
35.8871

tsehay

USD
131.5382
134.169
,
GBP
169.2591
172.6443
,
EUR
130.0158
132.6161
,
CAD
88.9102
90.6884
,
SAR
33.3311
33.9977
,
AED
34.0606
34.7419
,
AED

tsedey

USD
131.8961
134.534
,
EUR
147.6313
150.5839
,
GBP
175.1844
178.6881
,
AED
35.9057
36.6238
,
CHF
157.4879
160.6376
,
SEK
13.5382
13.809
,
NOK
12.6665
12.9198
,
DKK
19.7885
20.1842
,
DJF
0.7387
0.7535
,
INR
1.5421
1.5729
,
JPY
0.904
0.9221
,
CAD
94.2721
96.1575
,
SAR
35.1639
35.8671
,
ZAR
7.2987
7.4447
,
CNY
18.2884
18.6542
,
KWD
428.9129
437.4912
,
KES
1.0185
1.0389

siinqee

USD
129.9898
132.5896
,
EUR
140.9693
143.7887
,
GBP
162.7073
165.9614
,
SAR
23.1262
23.5887
,
CHF
123.4786
125.9482
,
AED
32.7831
33.4388

hibret

USD
131.8
134.436
,
EUR
146.3375
149.2643
,
GBP
170.5219
173.9323
,
CHF
149.0203
152.0007

gohbetoch

zamzam

USD
131.8862
134.5239
,
GBP
173.975
177.4545
,
AED
36.08
36.8016
,
EUR
148.229
151.1936
,
SAR
35.1317
35.8343
,
CAD
94.49
96.3798
,
CHF
158.41
161.5782

nbe

JPY
0.9077
0.9168
,
KWD
431.03
435.3403
,
CNY
18.3911
18.575
,
ZAR
7.2681
7.3408
,
XDR
178.0301
179.8104
,
EUR
148.8796
150.3684
,
AED
36.0727
36.4334
,
SAR
35.3264
35.6797
,
AUD
85.835
86.6933
,
CAD
95.1953
96.1472
,
USD
132.5023
133.0325
,
KES
1.024
1.0547
,
INR
1.5526
1.5682
,
DJF
0.7421
0.7644
,
DKK
19.9579
20.1574
,
NOK
12.8633
12.9919
,
SEK
13.7086
13.8457
,
CHF
158.6284
160.2147
,
GBP
176.7051
178.4721

binance

USDT
157.58
156.82

Insurance companies objected paying more than 300 million birr taxes

insurance companies
Insurance companies in Ethiopia has reported an objection to the Ministry of Revenue,  regarding request that has been made by the ministry to pay tax on the profits invested in capital raising, to the insurance companies. Knowing that no tax should be paid on the profits invested in capital, the Ministry of Revenue has asked the insurance companies that have invested their profits in capital raising to pay additional tax on the profits invested in capital raising.

Pointing out that it is not appropriate to ask them to pay additional tax on the profits they invested in capital raising, they are appealing to the relevant government body. The Ministry of Revenue is urging them to pay the amount of money that they should pay to the insurance companies within the time limit set by the Ministry of Revenue.

 

 

The Ministry of Revenue has been doing a timely reminder to the insurance companies to pay the amount of money they should pay within the time limit. However, the insurance companies said that they are notifying the request of the Ministry of Revenue to pay tax on the profits they invested in capital raising is inappropriate. In reply to this, the Revenue Ministry’s Office of High Tax Payers is saying that if the insurance companies fail to pay the amount requested by the specified time, they will take action.

The Additional tax pay request is for insurance companies who increased their capital and investment 

 

This minister’s reminder is for all those who have increased their capital and invested their dividends for this capital increase.

 

The insurance companies that have been asked the question are waiting for a response from the relevant governmental bodies through their associations, saying that the surplus used for capital raising is not subject to tax.

 

According to the insurance companies, the fact that those who were asked to pay on the profits invested in capital raising were pressured to make the tax payment within 21 days has complicated the matter.

Some insurance company officials contacted by the reporter suggested that the Ministry of Revenue’s request was unexpected and illegal. He also mentioned that all the insurance companies who invested their dividends for capital raising in the past years are worried about the Ministry of Revenue.

Most of the insurance companies that received the notice have been asked for more than 30 million birr, the officials of the insurance company said.

 

Union Insurance, one of the insurance companies said to have paid the “illegal” tax, has been found to have demanded an additional tax of 46 million birr on the profit invested in capital raising. Tsehay Insurance 13 million Birr, Nib Insurance 41 million Birr are mentioned for example.

It is also indicated that the total amount of money requested by the companies from the profit for capital raising will be more than 300 million birr.

According to the CEO of Union Insurance, Mrs. Meseret Bezabih, the question is not only inappropriate but also a challenge for the companies.

Mrs. Meseret Bezabih stated “If the minister takes the company’s profit every year when your capital grows, there is a rule of 10 percent taxation of the dividend,” she said, but if the company reinvests the gained profit, there is clearly stated declaration that the company will not be requested to pay any tax. and since there is no state provision for investing in dividends on the Ministry of Revenue regulation, the request that the shareholder should pay ten percent of the dividend tax even if the shareholder does not take the dividend is inappropriate said Mrs. Meseret Bezabih.

 

On the other hand, the Ethiopian Insurance Providers Association, based on the petition submitted by the members of the association, investigated the matter and found that the income request was not appropriate, and directly addressed to the Minister of Finance, Ato Ahmed Shide on May 29, 2015. According to the letter from the association, the revenue ministry’s demand for additional tax on capital gains is inappropriate. the associate pointed out that the current request is not legal because insurance companies are using the profit they get every year for capital increase according to the regular and emergency meetings of the shareholders.

He also pointed out that the current request is not legal as they are following the procedure of the National Bank and are investing in capital raising.

The association informed in the letter that many insurance companies are investing their profits for capital raising in a manner approved by the regulator, the National Bank of Ethiopia.

 

Therefore, the Office of the High Tax Payers of the Ministry of Revenue said that the capital growth was not considered within the time limit (12 months) given for the renewal of the business license. They also mentioned that it is inappropriate to ask the companies to pay additional tax, assuming that the profits they have invested for capital growth are not undistributed.

In addition to requesting that the Minister of Finance look into and resolve the question of tax which is said to have no legal basis, and show that the request of the Ministry of Revenue is not appropriate, the Association has submitted evidence to the Revenue as proof that the same request was submitted to the banks in the past and the Ministry of Finance rejected the request.

The letter of the association also reminded that the Revenues had previously submitted the same request to the banks and according to the Banks Association’s request to the Minister, after the matter was reviewed by the Ministry, the provisions of the Federal Income Tax Proclamation No. 979/2008 and the purpose of Article 61 were properly interpreted, and the request of the Revenues was not enforced.

 

 Mrs. Mesret urged the minister to give an immediate response to the issue of additional tax presented to the insurance industry in the same situation, stating that it is on the profit spent on stock raising and is not a relevant question.

Instead of dividing the profit earned by the shareholders of insurance companies as it was done in the past if it is proven that they are used to increase the amount of their shares, they will not be affected by the share of the undistributed share profits.

The association has requested that this be stated and written to the Ministry of Revenue. Apart from the letter written to the Ministry of Finance, the association also informed the National Bank of Ethiopia about the problem. May 29, 2015

In a letter to the National Bank, the association reminded that insurance companies have invested and are currently investing their annual profits for capital raising according to the rules of the National Bank, as determined by the shareholders’ regular and extraordinary meetings.

In addition, many insurance companies are using their profits for capital raising in a legal way known to the National Bank of Ethiopia, thinking that the profits they have invested for capital raising are not distributed profits, so it is not right for them to ask for an additional tax to be paid.

The association urged the National Bank to find a solution by talking to those concerned about the issue. The officials of the insurance companies that the reporter talked to said that they were very concerned that the request of the Ministry of Revenue was presented especially at a time of severe financial shortage.

According to Mrs. Meseret, this question was presented to the banks in the past and it was stated that it is not possible to collect tax on reinvested profits from the perspective of the law.

 

Still, when our association wrote a letter to the Ministry of Finance, it was sent with a letter containing the decision given to the banks because the matter would be resolved easily, the Mrs added that they believe that the Ministry of Finance will give a positive response.