Investment in Ethiopia 投资埃塞俄比亚

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Investment in Ethiopia 投资埃塞俄比亚

Dubbed one of the fastest growing economies of the world (The World Bank, CIA World Fact Book), Ethiopia has become a major economic player in Sub-Saharan Africa (SSA) recently. Attracting huge amount of investments, particularly from China (Ethiopia has almost leveled Southern Africa as the second largest destination of Chinese ODI following Nigeria) [1]; the country is aiming for an economic transformation as a manufacturing hub of Africa. Several Industrial Development Zones (‘ IDZ ’s) construction projects are underway to attract manufacturing. Congruent with its economic ambitions and making the country even more attractive to investments, the country has some amendments to its investment regime.

身为世界上经济成长最快速的国家之一,埃塞俄比亚,近期已跻身为南非洲区的经济要角。吸引大量的外国投资进入,尤其是来自于中国(埃塞俄比亚在整个南非洲区已成为继奈吉利亚之后,中国对外直接投资ODI的第二大目标国);埃国正致力于经济转型,目标成为非洲的制造中心。目前有几个制造业发展特区的兴建计划正在进行,而配合其在经济发展上的野心与计划吸引更多的外国投资,埃国也进行了一些在投资法令上的改革。

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1 Investment regime

Investment regime

It is provided by the Proclamation No. 769/2012, which is a Proclamation on Investment (as amended by Proclamation 849/2014) (The Proclamation), as well as Council of Ministers Regulation 270/2012, Council of Ministers Regulation on Investment Areas Reserved for Domestic Investors (The regulation) primarily regulate investments in Ethiopia.

投资法令

埃国的投资法令是由「公告」字第 769/2012 (而再经公告字第849/2014修正),作为「投资公告」(以下称公告);与内阁法规字第 270/2012 即「国内投资人保留的投资领域内阁办法」(以下称办法),该二法规作为埃国投资事务的主管法令。

2 Jurisdiction

Jurisdiction

According to The Proclamation, investments may be carried out by wholly foreign owned Investments, Joint investments between foreign and domestic investors and foreign investors

管辖范围

根据「公告」所示,投资事业允许外商独资、外国投资人与国内投资人共同出资,或是由外国的投资人亦可。

3 Access

Access

Some investment areas are exclusively reserved for the government. However, investors could engage in manufacturing of weapons and ammunition and telecom services jointly with the government. The regulation lists investments which are open to foreign investors. Investments in financial services (banking and Insurances), services industries (commission agents, media, legal services and air transport…etc.) are reserved for domestic investors. However, the Ministers council could, by regulation open these areas to foreign investors.

进入

有一些投资领域是专属于政府的,不过投资人仍得经由与政府合作参与制造军火与电信服务的事业。上述「办法」列举出了外国投资人得以投资的项目;不过金融业(银行保险业)、服务业(佣金代理、媒体产业、法律服务与航空运输事业等),皆保留给国内投资人。然内阁(部长会议)可以经由「办法」特许其中的领域开放给外国投资人。

4 Business forms

Business forms

Investors could engage in their projects as sole proprietorships, business organizations (Incorporated abroad or registered in Ethiopia), public enterprises and cooperative societies. Each project must meet a minimum capital requirement of US 200,000. However, joint investments between domestic and foreign investors may set up investments at US 150,000. The amount is reduced to US 50,000 if the joint investment is in engineering and architecture consulting and technical testing. Investors who re-invest profits are subject to no such requirements.

企业类型

投资人得以独资方式、企业形式(设立于外国或是于埃国登记)、政府控制企业或是合伙合作社等方式经营投资计划案。每项投资计划案都必须符合最低200,000美元之投资限额。不过藉由与国内投资人共同出资的方式,则标准可降至150,000美元。而共同出资的事业若属于工程建筑顾问事业或技术测试,则标准更可降至50,000美元。投资人以利润再投资的方式则不受此项规定限制。

5 Permits

Permits

Investors need to secure permit from the Investment Commission (the organ responsible for overseeing investment projects) or other appropriate investment organs (special agencies empowered to issue permits). The commission also requires technology transfers and non-equity export oriented collaboration agreements to be registered in order to be valid.

审批

投资人必须经过投资委员会(专责投资计划案的监督审查机构)与其他适切的投资机构(经政府特许授权发放许可的机构)的审批。委员会也要求登录技术移转与非股权式出口导向合作协议书,该投资许可始生效。

6 Incentives

Incentives

There are cross-cutting incentives across all investments while some are sectors specific. For example, investors may own the house (building) and other immovables and vehicles as part of their projects.

奖励措施

在所有的投资领域中皆有交叉奖励措施,而有些则是该领域所独有的。例如投资人得透过持有房屋(建筑物)与其他的不动产、车辆作为其投资计划案的一部份。

7 Foreign exchange and remittances

Foreign exchange and remittances

Foreign investors may open foreign exchange accounts in Ethiopian banks in accordance with the National Bank of Ethiopia regulations. They may remit in foreign currency earned from profits and dividends, pay external loans (principal and interest) and related to technology transfer, transfer of shares, sale and liquidation of the enterprise and compensation paid to expropriated investments. Expatriates may also remit salaries and other payments.

国际汇兑

根据埃国国家银行法规,外国投资人得在埃国银行开设外汇账行。投资人得以外币的方式寄汇营利与股利所得、支付外债(本金与利息),与相关的技术移转,股份转移,公司并购与清算,投资事业遭政府征用时以外汇支付补偿金,外国派驻人员得汇寄薪水或其他的款项。

8 -11 Tax exemptions

Tax exemptions

An annex at the end of the regulation identifies 15 investment sectors. The list divides investments into Addis Ababa and Special Zone of Oromia surrounding Addis Ababa and Other areas. Investments outside the designated areas receive higher income tax exemptions in number of years. Investors expanding or upgrading their investments are also subject to similar tax exemptions. Investments that export or supply to an exporter more than 60% of their services or products are also awarded two years extra in income tax exemptions. The Proclamation further awards a 30% reduction of Income tax for consecutive 3 years for investments that go to specified areas identified in the regulation[2]. The three years begin at the end of the tax exemption years. Investors who have incurred a loss during the years of income tax exemption are allowed to carry forward such loss for half the income exemption period after the expiry of such period but not more than five income tax periods. Capital goods and construction materials may be imported duty free except for investors engaged in specific sectors[3].

税务免除

在「办法」所付的附件列表中标示了15个投资区域,分成亚的斯亚贝巴区、首都周遭的奥罗米亚特许区与其他区域。而在指定区域以外的投资事业享有较高且若干年的所得税免税期。投资人若扩张或升级其投资事业,则亦享有该等优惠。该投资事业的出口或供应某一出口业者达到其总服务或产品的60%以上,则另外给予二年的所得税免税额度。凡至政府于「办法」中所指定的区域进行投资,「公告」更提供了连续三年30%的所得税减免额度。该三年期的减免于免税期结束时的年度起算。投资人在所得税免税期间所发生的损失,得于免税期结束后,将损失递转半个免税期,但以五个所得税年度为限。资本财货与建筑材料得以免税进口,除非投资人涉及特定事项。

8 -11 Tax exemptions

Tax schemes

Following is a taxes scheme for enterprises doing business in Ethiopia.
Corporate taxes
• Corporate Income Tax Rate: The standard corporate income tax rate is 30%.
• Capital Gains Tax Rate: 15/30%. The 15% rate applies to gains derived from transfers of immoveable assets. The 30% rate applies to gains derived from transfers of shares and bonds.
• Branch Tax Rate: The standard branch tax rate is 30%.

税务方案

以下是投资企业在埃国的税务表
企业税
• 企业所得税率:标准税率30%。
• 资本利得税率:[15%、30%] 移转不动产适用15%的税率,移转股份与债券适用30%的税率。
• 分支机构(利润)税率:标准税率30%。

8 -11 Tax exemptions

Withholding Taxes

• Withholding tax on payment for goods and services: 2%.
• Dividends: 10%. This is a final tax for both residents and non-residents.
• Interest: 5%. This is a final tax for both residents and non-residents.
• Royalties: 5%. This is a final tax for both residents and non-residents.
• Technical Services: 10%. This is a final tax for both residents and non-residents.
• This withholding tax applies to technical services rendered outside Ethiopia.

预扣所得税

• 支付货物或劳务的扣缴税率:2%
• 股利:10% [为居民与非居民的最终税款]
• 利息:5% [为居民与非居民的最终税款]
• 权利金:5% [为居民与非居民的最终税款]
• 技术协助服务:10% [为居民与非居民的最终税款] 此项预扣所得税适用于埃国境外的技术服务。

8 -11 Tax exemptions

Indirect taxes

• The VAT rate in Ethiopia is 15%. If a non-resident person who is not registered for VAT in Ethiopia renders services in Ethiopia for a customer registered in Ethiopia, the rendering of services is taxed unless the service is exempted from tax. The customer shall withhold the 15% (Reverse VAT) tax from the amount payable to the non-resident person. The value of services taxable is the amount of consideration that the recipient is obliged to pay for the services, except that if the supplier and the recipient are related persons, the value of the import is its market value.
• Provision of service in Ethiopia without having a Tax Identification Number (TIN) will result in the service provider suffering a deduction of 30% withholding tax by the withholding agent.

间接税

• 埃国的增值税为15%。假使一位非居民没有在埃国登记增值税,且在埃国提供劳务予经登记的顾客,其所提供的劳务必须要课与增值税,惟免税项目除外。受有劳务的客户于支付给该非居民的款项中亦须扣缴15%的预扣税款。该劳务的计税价格即为受领劳务者应支付的对价酬金;但提供劳务人与受领人具有特殊关系者,则进口计税价格为其市场价格。
• 根据埃国有关劳务提供的规定,凡不具有公司统一税号者,扣缴机构将针对该劳务提供者预扣30%的税款。

12 Guarantees

Guarantees

An Investment Commission, (the “Commission”) established by the Proclamation oversees investors’ operations. The Commission guarantees access to supplies (water, power and telecom), handles work permit for expatriates and business licenses, exempts from custom duty, Tax identification Number (TIN) issuance…etc. However, investors who disagree with decision of the Commission may appeal the decision to an Investment board. The regulation further guarantees that investments will not be subject to expropriation (nationalization) except in accordance with the law and with due compensation paid in full.

担保

经「公告」授权成立的投资委员会(以下称委员会),其监督照看投资人的各种行政作业是否完善。委员会担保投资人得以取得基础设施(水、能源与电信)、办理派驻人员工作许可与营业执照、免除关税、发行公司统一税号等等。然而,投资人若不服委员会的决定,得向任一投资相关的机构申诉。而「办法」也保证投资事业不会遭到征收(国有化),除非有法律依据,且必须给予适当且全额的补偿。

13 Dispute Resolution

Dispute Resolution

Foreign arbitral awards/foreign judgments are recognized and enforced in Ethiopia where an application for the execution of such has been presented to the relevant division of the High Court or the Supreme Court of Ethiopia (By way of appeal). The enforcement of the award/judgments will be subject to a number of conditions; among them, reciprocity between the country where the award/judgments was rendered and Ethiopia, whether the award/judgment is not against public order or morality, etc. The country is not a contracting party to the New York Convention. Ethiopia is a signatory of ICSID but it has not yet been ratified. Ethiopia is also a contracting member of Multination Investment Guarantee Agreement, (MIGA) and several bilateral investment treaties with US, EU and China.

争端解决

外国仲裁裁定/判决在埃国是受到承认且具有执行力的,只要将该裁定/判决执行申请提至高等法院的相关部门,或是经由上诉而提至最高法院即可。而裁定/判决的执行受制于几个条件;其中,仲裁判断国与埃国之间的互惠条件、或视该判决有无违反埃国的公序良俗等。埃国并不是纽约公约的缔约国,而埃国是ICSID的签约国,但尚未经国会批准。埃国同时也是跨国投资保障协议MIGA的成员国,并与美国、欧盟与中国签订双边投资协议。

14 Industrial Development Zones, (IDZ)

Industrial Development Zones, (IDZ)

The Proclamation has also deliberated for the establishment of an industrial development zones, called “Industrial Parks” for accelerating the economic transformation and development of the Country by boosting manufacturing capability. In 2015, the Industrial Parks Proclamation 886/2015, (The “Industrial parks Proclamation”) was promulgated. According to the Industrial Parks Proclamation, Investors are given special incentives, guarantees and protections and national treatment. The country is targeting USD 1 billion of annual investment in industrial parks over the next decade to boost exports and make it Africa’s top manufacturer. Currently, there are seven operational Industrial Parks in Ethiopia, with plan to increase their number to fifteen by the end of 2018.

产业发展特区

「公告」中也研商要设立产业发展特区,称为「产业园区」,目的在加速经济转型与发展国家的制造业产能。在2015年,埃国发布「产业园区公告字第886/2015」(以下称产业园区公告)。根据产业园区公告,提供给投资人特殊的投资奖励、担保与保障,且给予国民待遇。埃国目标是在未来十年间,以每年10亿美元的投资,提升出口以达成非洲第一大的制造国。目前,已有几个正在运作的产业园区,埃国计划在2018年前完成15个产业园区。

[1] According to the Investment Commission of Ethiopia, the country has witnessed a dramatic increase of Chinese ODI from US 1 million to US 122 million annually in 2012.
[2] These are areas specifically mentioned in Art. 5(2) (a-f) of Regulation Council of Minsters Regulation 270/2012, Council of Ministers Regulation on Investment Areas Reserved for Domestic Investors.
[3] In real estate development, publishing, export trade of coffee, oil seeds, precious, and whole sale trade of supply of petroleum and its by products as well as whole sale of own products.

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