Ministry Slashes Excise Tax on Cars, Bottled Water

The Ministry of Finance slashed the proposed excise tax on brand new vehicles with engine capacities below 1,300cc from 35pc to five percent.


Ministry Slashes Excise Tax on Cars, Bottled Water

The Ministry of Finance slashed the proposed excise tax on brand new vehicles with engine capacities below 1,300cc from 35pc to five percent. The new revision also reduced the 15pc excise tax on bottled water to 10pc. Complaints from water bottlers stating that they are collecting plastic water bottles to avoid contaminating the environment were the reason the tax was reduced, according to Eyob Tekalign (PhD), state minister for Finance, who gave a press briefing on Friday, January 17, 2019. The initial bill also proposed a 30pc excise tax in general and five Birr on each packet of cigarettes. The Ministry revised this to six Birr a pack, keeping the 30pc as it is. The change was made due to a push by the health sector, according to Eyob. Excise taxes on alcohol remains the same, considering the jobs created by the industry, according to Eyob. The changes were made after the Ministry held consecutive meetings with industry operators and parliament held public hearings. Drafted by the Ministry of Finance, the bill was tabled to the parliament and is expected to be legislated soon.

[ssba-buttons]

Radar

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...