MOGADISHU (Halbeeg News) – Somali Ministry for Finance has today submitted Revenue Bill to Somali Parliament.
Abdirahman Duale Beileh, Minister for Finance, said the newly drafted Bill would increase the revenue income.
In a Twitter post, Beileh stated that the Bill will enhance domestic revenue mobilization saying thus increasing the crucial Tax-GDP ratio.
“Today I submitted the Revenue Bill to Parliament. It comprises revenue administration and allocation. Raising domestic revenue is our national priority Somalia,” the post reads in part.
The Somali government has been working to establish legal and technical capacities for revenue generation since 2017.
According to the ministry, the domestic revenue of Somali government increased by 85%.
Ministry said the domestic revenue was up to $141 million in 2017 from $110 million in 2016 as some progress was made last year to improve the revenue.
The tax agreements have been reached with airlines and telecom companies, and an income tax exemption for parliamentarians has been reversed last year, giving the government more revenue.
The government is struggling to pay its external debt of about $5.2 billion, according to the IMF.
Somalia has not made a service or amortization payment since civil war broke out more than 25 years ago.
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