Saturday, February 24, 2024
Business Excise tax hikes lead to fewer vehicle title certificates

 Excise tax hikes lead to fewer vehicle title certificates

In relation with the full enforcement of the excise tax law, the Federal Transport Authority has, for the first time in over a decades, issued fewer title certificates to new entrant vehicles to roll over the roads of the country, The Reporter has learnt.

Despite refraining from disclosing the specific figures, a top official at the Authority told The Reporter that following the full implementation of the excise tax law, the number of customers seeking title certificates for their new vehicles has dwindled dramatically.

“Over the past decade, the number of new vehicles has been growing every year along with the number of title certificates we have been issuing. However, for reasons attributable to the implementation of the new tax law and the shortage of foreign currency, the number of title certificates issued has reduced,” the official explained.

Reports indicate that the implementation of the excise tax law has also resulted in a sharp increment in vehicle prices in the local market. The increase is attributed to the fall in import of vehicles because of the high excise tax levied by the government since last year.

Highlighting that traffic accidents are still alarmingly high, the official indicated that the country has seen lesser number of car accidents. Its casualty level has also shown a slight decline compared to the previous year.

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The Minister of Transport, Dagmawit Moges, disclosed that the fatalities caused by traffic accidents registered during the nine months were 7.5 percent lower than the previous year’s same reported period, while heavy injury and light injury rates went down by 14 and 6.8 percent respectively.

It is to be remembered that with support from the United Nations Secretary-General’s Special Envoy for Road Safety, Ethiopia officially launched its road safety performance review report earlier this year.

The review, conducted by the United Nations Economic Commissions for Africa (UNECA) and United Nations Economic Commission for Europe (UNECE), provides a holistic assessment of the country’s road safety situation and pinpoints concrete measures to save lives.

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Video from Enat Bank Youtube Channel.

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