CBE Tops Ethiopia’s 2018/19 FY Taxpayers List

ADDIS ABEBA – Commercial Bank of Ethiopia (CBE) paid over 3.5 billion Birr (about $121mln USD) in the 2018/19 fiscal year, said the ministry of revenue, making the state-run financial institute country’s top taxpayer.

The announcement was made in an event held at the Presidential Palace where the Ministry gave awards and recognitions for a total of 160 loyal taxpayers in the presence of Prime Minister Abiy Ahmed.

Officials at the ministry say the award and recognition are aimed at encouraging Ethiopian taxpayers as the country plans to collect over 248 billion Br in the current 2019/20 FY, which started on July 8, 2019.

Ethiopia collected over 160 billion Birr tax revenue last FY. The major taxpayer, CBE, had a big say by paying a total of 3.51 billion Birr.

With close to 1350 branches and 20 million account holders, the bank is the biggest financial institution in the country.

Motor & Engineering Company of Ethiopia (MOENCO), the major importer of Toyota vehicles, is second in Government’s in the top taxpayers’ list for 2018/19 budget year, which concluded on July 07, 2019.

MOENCO, which employs 1,500 people, paid a total of 1.51 billion Birr, according to the Ministry of Revenue.

Trans Ethiopia, one of the companies under the Endowment Fund for Rehabilitation of Tigray (EFFORT), also paid a total of 417 million Birr for the year. The trucking firm is one of the three companies whose shares will soon be sold for the public by EFFORT. The other two are Mesebo Cement factory and SUR Construction.

Tracon Trading, on the other hand, became top taxpayer from companies engaged in importing sector, after generating a total of 431 million Birr (close to 15 million USD) during the fiscal year.

The taxpayers have received platinum, gold, and silver awards from Minister Abiy.

The Prime Minister, during the occasion, emphasized the need to develop the culture of paying taxes and assured the taxpayers of the government’s commitment to using the tax money properly and efficiently.

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