City Revenues Bureau Collects 31.4b Br in Half Year

Jan 22 , 2022

The Addis Abeba City Administration Revenues Bureau reports that its offices collected 31.4 billion Br over the first half of the fiscal year. The figure is 18pc higher than what tax officials had targeted to collect over the period. Direct taxes account for the bulk of the revenues, registering at over 23.7 billion Br while indirect tax collection brought in around 7.2 billion Br. Addis Abeba has over 420,000 registered taxpayers organised into categories based on annual gross revenues and registered capital. Those with a turnover of over 40 million Br are in the "large taxpayers" group. Those with a capital of over one million Birr but revenues of less than 40 million Br are designated category "A" taxpayers. Businesses with less than half a million Birr in capital are "C" taxpayers.


Abyssinia Bank Taps to Digital Loan Solution

The Bank of Abyssinia (BoA) is moving forward to provide banking solutions facilitating microloans. The Bank has hired an Indian-based tech vendor Newgen Software Company, that bagged the international bid on December 22, 2022. Over 10 companies have shown interest in the bid floated by the bank four months ago. The solution provider has committed to completing the project in six months with Yonas Daniel, regional manager for Newgen, and Menbereselassie Gebrekidan, procurement director at Aby...



Bank of Abyssinia rolls out banking services on a truck around Meskel square in the capital. With less than half of Ethiopian adults having access to bank accounts, financial inclusion is a major issue. The central bank revealed in August 2022 that 8,944 commercial bank branches exist in the country. The 30 commercial banks currently in operation offer credit services to less than 400,000 customers charging an average of 17pc interest on asset-backed loans...



Left) Elias Woldu and Mesnbet Shinkute sign a Memorandum of Understanding on behalf of the Ethio-American and Addis Abeba Chamber of Commerce & Sectoral Association, respectively. Some estimates put the number of Ethiopian diaspora living abroad at over two million people, larger than the population of several small nations. Continued economic and political deprivation has forced many to leave the country for better opportunities. While migration to other countries is still high, the number...