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City Reports Strong Half-Year Tax Performance, High On-Time Compliance


City Reports Strong Half-Year Tax Performance, High On-Time Compliance

Addis Abeba City Administation has reported 162.72 billion Br in taxes during the first half of the fiscal year, with 95pc paid on time, Mayor Adanech Abebe told the City Council during its fifth-year, second regular session. The figure represents 92.4pc of the target. The city  had planned to raise 176.03 billion Br in annual revenue, up by 51.12 billion Br, a 45.8pc rise from the same period last year. Capital spending accounted for 70.14pc of the 148.9 billion Br total expenditure. The city allocated 18.72 billion Br in direct social subsidies and spent 55.7 billion Br on student meals, uniforms, health insurance and transport, marking a 59.7pc increase. Under a strengthened complaints and service monitoring system, 282 workers faced administrative and legal action for theft and corruption. Authorities also charged 7,678 tax-evading businesses involved in goods distribution using 2,261 trucks, supported by digital monitoring tools. A study of African cities cited Addis Ababa as a leader in revenue collection and budget utilisation.

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Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


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Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


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ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...