Revenues Ministry Transfers 41b Br in Proxy Taxes to Regional Admins

Sep 17 , 2022

Officials of the Ministry of Revenues have transferred a little over 41 billion Br in proxy and other taxes collected on behalf of regional administrations. Proxy taxes account for 6.3 billion Br of the funds transferred to regional governments, while other taxes comprise the balance. The Revenues Ministry collected over 497 billion Br in taxes and duties in the last financial year. The federal government plans to collect 150 billion Br more in taxes this year, enough to cover 61pc of the 787 billion Br of the federal budget. The federal government recently imposed a new tax on importers, dubbed “social welfare levy”, with hopes of collecting an additional 22 billion Br this year. Importers will pay three percent on the items they bring into the country, barring a few exemptions.


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

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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...