The regional Revenue Bureau of Ethiopia's Amhara region has announced that it has canceled an income tax debt amounting to a billion birr (over $29 million).

The Bureau said the tax debt cancellation aims to back the business community that is more than likely to suffer the consequences of the coronavirus pandemic. In doing so, the move also targets facilitating a quick economic recovery in the region.

Over 21,000 businesses who defaulted on their taxes due to several factors will benefit from the debt cancellation, Bizuayehu Biazin, head of the Bureau said.

The Bureau detailed that 288 million birr of the one billion birr tax debt canceled has been owed by over 7,000 businesses in the period between the years 2007 and 2008. The remaining amount is owed by 14,000 businesses who have debt from the years 2007/8 to 2010/11.

Source: FBC