Addis Ababa August 6/2022/ENA/ The Council of Ministers announced that it has approved regulations and referred proclamations to the House of People’s Representatives (HPR) today.
A statement of the Office of the Prime Minister stated that the council discussed various issues and passed decisions.
Accordingly, it first discussed the regulation on the organization, powers and functions of the Petroleum and Energy Authority.
Following proclamation number 1263/2014 issued by the federal government to determine the powers and functions of executive bodies, a new institution was established to manage oil and energy issues and a draft bill submitted to the Council of Ministers.
After extensive discussion, the council approved the regulation to become effective as of its date of publication in the Negarit Gazette.
The other proposed regulation that the council discussed was the bill to amend the National Payment System.
It was stated that the main reason for the need to amend the previous decree is to expand the participation of payment service providers within the framework of the national reform agenda Ethiopia has embarked on to enhance the effectiveness, reliability and competitiveness of the payment system.
The amendment is anticipated to modernize the country’s payment system in a manner that takes into account the changes, developments and improvements made in the sector at the international level which the market gravely requires.
After discussing the draft proclamation and adding inputs, the Council of Ministers referred it to the House of People’s Representatives (HPR) for approval.
The council then discussed the bills approving loans from the Government of Italy to sustainable development goals project for the health sector and the International Development Association for the implementation of the food system strengthening program.
The loan from Italian government is 10 million Euros, and 400 million USD from the International Development Association.
Ensuring that the loans are compatible with the country’s credit policy, the draft agreements were referred to the House of People’s Representatives for approval.
Fourthly, the council discussed the draft bill to amend the Federal Income Tax Regulation.
The regulation has been prepared to exempt the income from new shares sold to raise additional capital for firms whose operations have weakened due to lack of capital.
According to the provisions of the Income Tax Proclamation No. 979/2008 Article 65 (2), the Council of Ministers can exempt an income from tax-based when it is believed that there are economic, administrative, or social reasons.
Therefore, the council decided to implement the regulation effective its date of publication in the Negarit Gazette.
The Council of Ministers also discussed a proposed regulation to levy social development tax on imported goods and decided its implementation effective its date of publication on the Negarit Gazette.
Finally, the council deliberated on the draft bill to amend the Public-Private Partnership Proclamation and referred it to the House of People’s Representatives.