Of the total budget, 283 billion birr has been allocated for capital expenditure, 451.3 billion birr for recurrent spending, 222.7 billion birr to subsidize regional states, and 14 billion birr for the implementation of Sustainable Development Goal projects. In addition, it foresees obtaining 61.4 billion birr from non-tax avenues, such as capital income, and expects further income of 49 billion birr in the form of grants (external assistance). During the budget speech, Minister Ahmed also attributed the decline in federal tax revenue to the increasing share allocated to regions from the joint tax revenue. This specialized tax system will target vehicles with the dual goals of increasing tax revenue and reducing carbon emissions from vehicles. Another tax scheduled for implementation in the upcoming fiscal year is the property tax, which seeks to standardize property taxation nationwide.

Source: Ethiopian News June 12, 2024 14:47 UTC