Ethiopia's Ministry of Finance announced that the new draft excise law has made revisions on new cars, bottled water, and tobacco.

According to the revision, the new excise law on new cars with engines below 1,300cc is reduced to 5 percent, from the previous 30 percent. This will reduce the prices of new cars by up to 83 percent, the ministry said.

Concurrently, the excise tax on bottled water is also reduced to 10 percent from 15, while the tax on tobacco is raised to 36 percent from 35.

The revised draft excise law remains to be approved by the House of Peoples' Representatives.

Source: FBC