Electric Vehicles Catch Tax Break

Sep 17 , 2022


[ssba-buttons]

Drivers have an added reason to go electric as the import and sale of electric vehicles is no longer subject to value added tax (VAT) or excise tax, according to the Ministry of Finance. Officials hope to see the tax privileges encourage the use and affordability of electric cars, which have steadily been gaining popularity over the past couple of years. The tax exemptions extend to electric public transport vehicles, automobiles and trucks The import of fully-assembled electric vehicles will still be subject to a 15pc customs duty. Partially knocked-down parts brought in for domestic assembly are subject to 10pc less. Taxes imposed on non-electric vehicles have not been altered as officials plan to encourage the replacement of the growing fuel-consuming transportation service options with electric options.


Radar

Bank of Abyssinia Signs Partnership with Droga Cooperative

Bank of Abyssinia has entered into a partnership agreement with Droga Health & Financial Savings and Credit Cooperative to provide financial support and services for its members. The agreement was signed yesterday at the Bank's headquarters. The deal aims to strengthen collaboration between the two institutions, enabling cooperative members to access tailored banking services. It was signed by Wosenyeleh Abera, Deputy CEO for Customer Relations and Marketing at the bank, and Zelalem Yilma...


Radar

Wegagen Introduces Real Time SWIFT Tracking

Wegagen Bank has launched a new mobile app feature enabling customers to track international SWIFT payments in real time. The bank is the first in Ethiopia to introduce an online SWIFT payment tracking system. By integrating SWIFT Global Payment Innovation, customers, particularly those involved in import-export trade, can monitor cross-border transactions using a Unique End-to-End Transaction Reference (UETR) directly from their smartphones. To use the service, customers select the SWIFT...


Radar

National ID, Zambia Partners to Expands Program Reach

The National ID Program has signed an agreement with Zambia's counterpart to provide consulting services for the development of software that will issue digital IDs. It is the first time the institution has extended its expertise beyond national borders, a sign of growing recognition for its rapid progress. Program officials described the partnership as a milestone in their effort to position themselves as a regional player in digital transformation. The collaboration is expected to center...