New Taxes introduced to Somaliland Multi Trade Tycoons

[Siciid1986]

New Taxes introduced to Somaliland Multi Trade Tycoons

 

Hargeisa(The Horn) The Minister of Finance of the republic of Somaliland Hon. Mohammed Hashi Elmi disclosed that his ministry has introduce new taxes, which he said were legal but were not collected from the merchants in the past.

 

In a press conferencxe held in his office on Saturday, the minister stated that the government has stopped the 2% income tax that it used to take from the trader in advance for their goods upon arrival. He pointed out that the income tax will be collected from their businesses. He also emphasized that the traders will also pay the sales tax in which the traders will be charged from the benefit they accumulate from what they sell.

 

Explaining the issue, the minister said, “the other thing I would like to talk about is tax that I have not been collecting of which we want to reach and the rich should know that the tax which has not been collec5ted in the past is obligatory which they owe us and we shall colloect them.”

 

Pointing out the taxes, the minister said, “this includes, in the past there were importers and exporters and they sold their items at the customs and government tax and what was called sales tax were added but now the importer takes the good to his own wholesale shops and some of them have retail shops as well. Therfore the benefit that the people and the government are lost in this manner. Therefore we intend to take tax when the trader brings the goods into the country and also when he takes them to his shop, we take the sales tax as well. These are taxes that we have very right to take from the traders. We shall also collect income taxes from what they benefit from selling their goods.”

 

[Paragon]

Are you telling us SL has non-doms that are causing the crisis in its financial sector? Tax them and they'll relocate to singapore, I mean, Boosaaso.

[Jacaylbaro]

Bosaso or Eyl ... they still have to go through Customs

 

 

Good on the Minister ........ those companies should now follow the system.

[Paragon]

^err non-doms don't carry dollars in briefcases, JB. There's nothing to declare at the custums.

[Jacaylbaro]

Waxa laga hadlayaba hadaa maad fahmin .....