House Legislates Excise Tax Law

Feb 15 , 2020

Lawmakers finally legislated the controversial excise tax law on February 13, 2020, with two opposing and seven votes abstaining. The new law, which aims at doubling the current excise tax contribution to GDP to 1.4pc, was legislated during an urgent parliament session that was attended by 320 MPs and was held after the members went for recess. The bill, which proposed a five percent minimum and a 500pc maximum excise tax, has been in the making for the past year by the Ministry of Finance. During the legislation, a number of changes were made from the first draft. The law imposed 30pc plus eight Birr a pack excise tax on cigarettes, an increase from 30pc plus six Birr. Imported cars that are between one and two years old are subjected to an excise tax of 55pc, whereas cars between two to four years old are subjected to 105pc excise. Cars that have served more than four years but not greater than seven years are subjected to a 205pc rate. Second-hand cars with over seven years are subjected to taxation of 405pc. The law also increased tax on beers with alcoholic content of up to seven percent to 40pc or 11 Br per litre, whichever is higher.


ZamZam Bank Joins Commodity Exchange Payment System

The pioneering full-fledged interest-free commercial bank, ZamZam Bank, has become the 24th financial institution to join the Ethiopian Commodity Exchange's (ECX) payment system. CEO of the Exchange Wendemagegnehu Negera signed the deal with the President of the Bank Melika Bedri last week. According to the CEO, joining the platform which has around 11,000 accounts registered and has transacted over 386 billion Br so far, will allow a reliable mechanism whereby traders can be certain that pay...


AfDB, ADF to Chart Transformation Path at Diamond Jubilee

The African Development Bank (AfDB) and the African Development Fund (ADF) are gearing up for a major joint meeting in Nairobi, Kenya, expected to draw around 4,000 participants. The event, taking place at the Kenyatta International Conference Centre in late May, will focus on "Africa's Transformation," a theme reflecting the continent's ongoing pursuit of economic and social development. "Despite progress over the years, Africa's transformation remains incomplete," said Vincent O. Nmehielle...


Big Art Sale Returns to Addis

The annual Big Art Sale returns to Addis Abeba this weekend. Over 100 artists are expected to showcase their original works and prints at the Hilton Addis. What's Out Addis in partnership with the Hilton Hotel is behind the event that showcases the works of over 100 artists. Big Art Sale has been around for the past 18 years showcasing paints and prints. According to organisers, it offers a chance to meet the artists and enjoy a variety of art forms with a dedicated Kids' Corner and food and...