Electric Vehicles Catch Tax Break

Sep 17 , 2022

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.


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...