Vehicle Importers Request Excise Tax Exemption

Sep 4 , 2021

Importers are calling on the federal government to exempt 637 vehicles held up at customs in Djibouti and Addis Abeba from the excise tax levied on used cars. During a press briefing last week, the Ethiopian Vehicles Importers Association, which has over 1,500 members, stated the vehicles are being held up unfairly as the importers had previously been allowed to bring them in free of tax during the six-month grace period before the excise tax proclamation became effective in August last year. The Association says the COVID-19 pandemic prevented the 85 importers involved from getting the vehicles in on time, and is requesting they be exempted from the excise tax. The Ministry of Finance has recently introduced a new definition of how new cars are classified, stating all motor vehicles imported within three years of their manufacture date are to be considered new.


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...