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Ethiopia (GMT +3)

General:
▪ Capital City: Addis Ababa
▪ Official Language: Amharic
▪ Currency: Ethiopia Birr (ETB)
▪ Main Exports: Gold, coffee, leather, livestock, qat
▪ Surface Area: 1 104.3 sq. km (thousands)
▪ Population: 132,059 million (2024,est)
Key Economic Indicators:
▪ GDP: $163.69 billion (2023) / GDP Growth Rate: 6.5% (2023)
▪ CPI Inflation Rate (annual): 30.2% (2023)
▪ Sovereign Credit Rating: Fitch: CCC-
▪ Indicator of Economic Freedom Score: 47.9/100
Exchange Controls:
▪ Exist, regulated by The National Bank of Ethiopia (NBE)
Basis of Taxation: (Tax Year End: 7 July)
▪ Residents: Worldwide income
▪ Non-residents: Ethiopian-source income
Tax Rates:
▪ Individuals: Progressive rates to 35% [the first ETB 600 of taxable income - 0%]
▪ Companies: 30%
▪ Inheritance and Donations Taxes: N/A
▪ VAT: 15%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Sale of immovable property at 15%, and transfer of
shares or bonds at 30%
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ National Bank of Ethiopia http://www.nbe.gov.et
▪ Ethiopian Revenue and Customs Authority https://customs.erca.gov.et
▪ Ethiopian Investment Centre https://gipc.gov.gh
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