Ethopia: Parliament approves Property Tax bill amid concerns over its impact on fixed-income citizens

Addis Abeba – The House of Peoples’ Representatives approved the draft Property Tax Proclamation today, imposing a new levy on land within urban areas, as well as on land improvements and buildings.

According to the provisions of the proclamation, the taxable amount for any property is set at 25% of either its market value or replacement value. The tax rate for land usage rights ranges from 0.2% to 1% of the annual taxable amount, while the tax on buildings and/or land improvements is set between 0.1% and 1%…