ADDIS ABABA – Olympic gold medalist Haile Gebreselassie said the newly approved Excise Tax law has an enormous potential of and spurring the growth and expansion of the automotive industry.
The minimum excise tax levied on brand new vehicles and high tax on second-hand imported vehicles will attract new domestic and foreign investors to the automotive sector, said Haile who is a Founder and Shareholder of Marathon Motor Engineering plc, a company that entered into a joint venture with Hyundai Motor Company recently to start an assembly line to manufacture vehicles.
The law imposed excise tax up to 500 percent on second-hand imported automobiles while reducing the excise tax to 5 percent on brand new automobiles.
He has expressed his belief that more and more car assembly plants will join the sector which in turn will create a number of jobs to citizens. “It will also accelerate technology and knowledge transfer.”
Nearly 80 percent of the automotive market was dominated by imported second-hand vehicles and the law encourages businesspersons to import brand new ones as well, according to him.
“Old cars are major causes of noise and air pollutions as well as road accidents. Hence, its impacts on environmental protection and public health are so significant.”
The law discourages the importation of old cars by imposing up to 500 percent excise tax on second-hand imported cars depending on their engine capacity and number of years they have served, according to the proclamation.
A 5 percent tax is enforceable on semi-assembled, fully assembled and imported new cars, including three-wheeler vehicles, with a cylinder capacity not exceeding 1300 cc; while a 60 percent excise tax on vehicles with a cylinder capacity exceeding 1300 cc and not exceeding 1800 cc; and a 100 percent excise tax on vehicles exceeding 1,800 cc not exceeding 3000 cc.
The Ethiopian Herald February 21/2020
BY ABDUREZAK MOHAMMED
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