Ethiopia among the top 10 African countries for highest corporate tax

Date:

Share post:

In this article, we are going to list the top 10 major economies in Africa by gross domestic product (GDP) with the highest corporate tax rates.

Corporate tax rates vary across the globe and reflect the unique economic needs of every country. Countries rich in natural resources, for example, often generate a bulk of their tax revenue from high corporate taxes on oil and natural gas companies, allowing other industries to operate in a relatively low-tax environment.

While Africa has some of the least competitive tax rates of any continent, there is still a high degree of variation among the countries.

To determine how small businesses are taxed, OnDeck collated the amount of tax small businesses pay in 200 countries. So without further ado, let’s see the major economies in Africa where corporations have to play their part in improving the economy:

While Nigeria’s economy has been affected in recent years and inflation has further affected the country, it still maintains a really high corporate tax rate at 30%.

South Africa – $28000

South Africa’s average tax rate for corporations has consistently hovered at the 28% mark over the past decade.

Kenya – $30,000

East Africa has multiple entries in the list of countries with the highest corporate tax rates, and Kenya kicks off this list.

Ethiopia – $30,000

Ethiopia is another East African country with a really high corporate tax rate in the region.

Addis Insight
Addis Insighthttps://addisinsight.net/
Addis Insight is Ethiopia’s fastest growing digital news platform, providing consumers with the latest news from Ethiopia and its diaspora. We provide marketers with innovative opportunities to leverage our stories and overall brand with a fiercely curious and highly engaged audience.
spot_img

Related articles

Commercial Bank of Ethiopia Moves to Establish an Investment Bank

The Commercial Bank of Ethiopia (CBE) is in the process of establishing an investment bank, a move aligned...

Ethiopia Set to Begin Electricity Exports to Tanzania via Kenya

Ethiopia is preparing to commence electricity exports to Tanzania through Kenya, marking a significant step in cross-border energy...

Ethiopia Approves 581 Billion Birr Supplementary Budget for 2024/25

In a significant session, Ethiopia’s Council of Ministers convened for its 40th regular meeting, deliberating on a range...

Federal Government Employees to Work 48-Hour Weeks Under New Law

The Federal Government Employees Amendment Bill, a subject of intense debate, was approved yesterday by the House of...