Commercial Bank of Ethiopia becomes top tax payer

Commercial Bank of Ethiopia becomes top tax payer

The Commercial Bank of Ethiopia (CBE), the state financial institution, has become the top tax payer in Ethiopia paying 3.51 billion birr (about $121 million) during budget year of the country concluded July 7, 2019.

This is indicated on Saturday evening at the rewarding ceremony of loyal tax payers at the national palace in Addis Ababa with the presence of Prime Minister Abiy Ahmed. CBE, which has over half of the banking market share in Ethiopia, is the biggest financial institution in the country.

Next to CBE, Japanese vehicles and parts supplier in Ethiopia, MOENCO, has also got recognition from the Ministry of Revenue of Ethiopia for paying a total of 1.51 billion birr (around $52 million). MOENCO is a subsidiary company of Inchcape PLC, a London based company engaged in global distribution vehicles and parts.

The Ministry has given recognition to 160 loyal tax payers, including the ruling party trading company, Trans Ethiopia, which paid a total of 417 million birr (around $14.4 million) from its operations in Mekele, Tigray. Owned by EFFORT, recently the Tigray Region of Ethiopia has announced it plan to sell Trans Ethiopia, Messebo Cement and SUR Construction to investors only from Tigray ethnic group.
From those engaged in importing goods, the private company Tracon Trading has become top taxpayer generating a total of 431 million (about $14.9 million) during the fiscal year.

It is recalled that during the fiscal year concluded July 7, 2019, the country has collected a total of 198.2 billion birr (over $6.83 billion at the prevailing exchange rate). Out of the total 1.6 billion was collected from the contraband traders whose goods are confiscated and sold by the Customs Commission of Ethiopia, one of the wings of the Ministry of Revenue of Ethiopia.