The NBE’s New Directive on Forex Allocation and Management (Directives No. FXD/67/2020)
Mehrteab and Getu Advocates
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1y ago
Copyright©2020 Mehrteab Leul & Associates. All rights reserved ..read more
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The Ethiopian Investment Commission’s New Directive on Work Permits for Expats and Knowledge Transfer from Expats to Ethiopians
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1y ago
Given that failing to comply with the employer and employee obligations that are prescribed under this Directive will result in the revocation of the work permit, it is in the best interest of both parties to not only adhere to their respective obligations, but to also ensure that the particular implementation and supervision criterions listed in articles 5, 6, 9 and 10 of the Directive are understood, respected and observed. For example, the Directive states that the employee must appear at a workplace in possession of the issued work permit, must adhere to those procedures that seek to trans ..read more
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Key Changes Introduced by the Amendment of the Federal Income Tax Regulation No. 410/2017
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1y ago
Copyright©2021 Mehrteab Leul & Associates.  All rights reserved. ”) on September 23, 2021.  The amendment was said to be necessitated by the reason that some provisions of the Regulation lack clarity and impacted economic transactions. The amendment (“ ”) has the aim of enabling the tax authority collect taxes by resolving the disagreement between the tax authority and taxpayers caused by lack of clarity on the Regulation. It has also the aim of increasing the flow of investment through amending those provisions that adversely impact investment. We have summarized the b ..read more
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The EPHI’s Latest COVID-19 Directive (Directive No. 30/2020)
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1y ago
All in all, the directives found in protect and promote the health of the Ethiopian people have significant implications for local businesses as well as those international travelers that wish to do business in Ethiopia. Given its new quarantine policy for international travelers, its policy for meeting venues as well as its clear workplace guidelines for employers, employees and customers, the EPHI’s new Directive provides a robust legal framework for businesses to operate whilst mitigating the spread of COVID-19.  According to Part 5 of the Directive, meetings of up ..read more
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Legal Update on the new Council of Ministers Regulation to amend the Federal Income Tax Regulation
Mehrteab and Getu Advocates
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1y ago
Copyright©2022 Mehrteab & Getu Advocates LLP. Although the rationale for excluding resident entities from the exemption is not clear and could be seen as going against the principle of tax neutrality, the preamble to the amendment resolution indicates that economical reason is the main objective for the amendment by way of increasing foreign direct investment in local companies in the form of share premiums ..read more
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Legal Update: Highlights Of Key Changes And Introductions Made By The New Arbitration And Conciliation Proclamation
Mehrteab and Getu Advocates
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1y ago
The Civil Code had only 7 provisions with regards to conciliation, while the Proclamation has become more elaborative and has 26 provisions. The basic new introductions are: the tribunal is expected to apply Ethiopian substantive law for resolving the dispute. If there are no such agreements, the tribunal has the jurisdiction to apply a law relevant to the matter. The Proclamation regulated the form and content of the arbitral award. Even after making the award, the tribunal is authorized to make the necessary correction on minor errors, provide interpretation or render an additional decision ..read more
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The National Bank of Ethiopia’s New Directive on Retention and Utilization of Foreign Currency Earnings from Export and Inward Remittance (09 March 2021)
Mehrteab and Getu Advocates
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1y ago
Disclaimer: This information is intended as a general overview and discussion of the subjects dealt with. The information provided here was accurate as of the day it was posted; however, the law may have changed since that date. This information is not intended to be, and should not be used as, a substitute for taking legal advice in any specific situation. Mehrteab Leul & Associates is not responsible for any actions taken or not taken on the basis of this information. Please refer to the full terms and conditions on our website.  ..read more
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Legal Update on Limit on Foreign Currency Holding in the Territory of Ethiopia
Mehrteab and Getu Advocates
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1y ago
Copyright©2022 Mehrteab & Getu Advocates LLP. ”) which repealed and replaced the previous directive regulating the matter, Directive No. FXD/49/2017, effective from September 5, 2022. We have prepared this short legal update to give our clients an overview of the main change brought by the New Directive. This information is intended as a general overview and discussion of the subjects dealt with. The information provided here was accurate as of the day it was posted; however, the law may have changed since that date. This information is not intended to be, and should not be used as, a subs ..read more
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A New Insolvency Law For Ethiopia
Mehrteab and Getu Advocates
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1y ago
Copyright©2021 Mehrteab Leul & Associates.  All rights reserved. Ethiopia’s DB overall ranking for 2020 was 159 out of 190 countries of the world, and its ranking in the area of “Resolving Insolvency” was 149 in the world. In this regard, Ethiopia ranks unfavorably with some high-performing countries of Africa like neighboring Kenya (50  This information is intended as a general overview and discussion of the topic.  This information is not intended to be, and should not be used as, a substitute for taking legal advice in any specific situation.  Mehrteab ..read more
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The National Bank of Ethiopia’s New Directive on Retention and Utilization of Foreign Currency Earnings from Export and Inward Remittance (06 January 2022)
Mehrteab and Getu Advocates
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1y ago
Simply put, the New Directive changed the allocation to 70% - 20% - 10% (70 percent to NBE, 20 percent to the retention account for the benefit of exporters and inward remittance earners and 10 percent to commercial banks). ) that takes effect from 06 January 2022. The basic changes introduced by this New Directive are: the sale of 55% (of the remaining currency after the surrender) of the foreign currency earning to the banks immediately on the day of receipt at the prevailing buying exchange rate. It also changed the requirements for utilization of the foreign currency permitting beneficiari ..read more
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