Proclamation No.415/2004 Sugar Industry Development Fund Establishment Proclamation | GOALGOOLE | Because you need Information for your goals !
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Proclamation No.415/2004 Sugar Industry Development Fund Establishment Proclamation

PROCLAMATION No. 415/2004
A PROCLAMATION TO PROVIDE FOR THE ESTABLISHMENT OF THE SUGAR INDUSTRY DEVELOPMENT FUND

WHEREAS, it is understood that there is a conducive environment to undertake the development of sugar and that there is an opportunity to undertake same competitively.

WHEREAS, the private sector lacks, at this stage, the capacity to participate in the said development on account of the high-level investment requirement,

WHEREAS, to bridge the gap that exists between the rising document and international demand for sugar and the shortage of supply calls for undertaking of concerted effort,

WHEREAS, the government, in order to undertake the aforestated development, wishes to establish a fund that will finance the intended investment,

NOW, THEREFORE, in accordance with Article 55 (1) of the Constitution of Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows:

1.    Short Title
This Proclamation may be cited as “Sugar Industry Development Fund Establishment Proclamation No. 415/2004.”

2.    Definition
Unless the context requires otherwise, in this proclamation
1.    “Authority” means the Public Enterprises Supervising Authority Established Pursuant to Proclamation No. 412/2002.
2.    “Ministry” means the Ministry of Trade and Industry.

3.    Establishment
The Sugar Industry Development fund/hereinafter referred to as “the Fund”/ s hereby established.

4.    Source of the Fund
1.    Financial sources of the fund shall be sales proceeds of sugar in the domestic market y the government owned sugar-producing companies in excess of Birr 250 (Two hundred fifty) per quintal weighting 100kgs.
2.    The government owned sugar-producing companies are exempted from being subject to payment of Income Tax on the sum of money that is transferred to the Fund.
3.    The Ministry may vary the sum set at Birr 250.00 (Two hundred fifty) if circumstances dictate for such a variation on the basis of a study made by the Ministry.

5.    Utilization of the Fund
The Fund shall be utilized for the financing of studies of sugar industry projects for establishing new sugar-producing companies and for the expansion of existing sugar-producing companies.

6.    Administration of the fund
The Fund shall be administered by the Ministry in conformity with a directive given by the Government. However, the Ministry may delegate said power to the Authority.

7.    Account of the Fund
3.    The Ministry or in the event of delegation, the Authority shall maintain separately complete and accurate books of accounts of the Fund.
4.    The accounts of the Fund shall be audited annually by the auditor General or by its designate.

8.    Inapplicable Laws
No law, regulation, directive or practice shall have effect with respect to matters provided for in this Proclamation in so far it is found to be contradictory/inconsistent with this Proclamation.

9.    Effective Date
This Proclamation shall enter into force on the date of its publication on the Federal Negarit Gazeta.
Done at Addis Ababa, this 2nd day of August, 2004

GIRMA WOLDEGIORGIS
PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA