The Ministry of Finance and Economic Cooperation (MoFEC) has announced today the newly amended income tax proclamation.
The newly amended proclamation mainly reduced the taxation of income from employees and took into account the earnings of the community, said Wasihun Abate, Legal Service Director at MoFEC.
Discussion on the proclamation will be held on Thursday and Friday with the business community, foreign companies and professional associations, he said.
The new proclamation will be effective as of July 1, 2008 EC after it is submitted to the Councils of Ministers and approved by the House of People’s Representatives until June 30, 2008 EC.
See the tax rate below: