Highest domestic 1st quarter revenue

[Miskiin-Macruuf-Aqiyaar]

Somalia’s Ministry of Finance Raises over $42 in Domestic Revenue in Three Months

 

The Ministry of Finance of federal government of Somalia has marvelously succeeded to collect the highest revenues in a single quarter of a year for the first time since 1990 when Somali central government was toppled.

Abdirahman Beileh, the minister of finance said the ministry raised millions of dollars in domestic revenues following successful efforts to increase the sales taxes and other tax incomes.

The government launched high engineered tax collection campaign in 2018 as part of efforts to win billions of dollars to pay international debt relief.

Mr. Beileh said the revenue is up to historic levels as reforms also were ongoing at a steady pace.

“Held the High Level SMP Committee meeting @MofSomalia today with @AmbGamal and his team from @MoPIED_Somalia Partnership is central to our progress. We will & must build on our national progress together #Somalia,” Beileh said in a twitter post.

Adding “Honoured to have discussed fiscal progress with @SomaliPM @MofSomalia offices today. Revenue is up to historic levels for quarter 1 & reforms are ongoing at a steady pace. Much has been achieved & more will be going forward #Somalia.”

Recently released European Union report has commended the government’s work to raise revenue for the country to get debt relief.

The report says the government has so far collected 42.5 million in domestic revenue since the beginning of this year.

 EU noted that the amount is the highest revenue collection in a single quarter ever recorded in recent history.

According to the Ministry, 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.

Xigasho

[Miskiin-Macruuf-Aqiyaar]

Wasiirka madaalaha ee ugu waxqabadka badan.

Mahadsanid wasiir Mudane Beyle. Rabi hadduu raali ka dhigo in the coming quarters there will be more revenues into tax ministry because of new airspace fees and the just implemented goods and services tax.

[maakhiri1]

how much was the revenue in 1990, in todays money? what are they comparing against.

The Trump visit to KSA costed over $85 million in few days.

$42 million???This is shame nothing to celebrate.Please they should report when they have something to tell the world.

[cadnaan1]

42 million from one city muqdisho if only other cities were willing to pay their tax revenues. No need for international community.

[Ifiye]

 

Abdirahman O. Osman

 

@engyarisow

·

21h

 

 

Thanks to #Mogadishu residents who paid all the $42.5m domestic revenues that Fed Govt of #Somalia raised in 1st quarter of 2018

[Miskiin-Macruuf-Aqiyaar]

22 hours ago, maakhiri1 said:

how much was the revenue in 1990, in todays money? what are they comparing against.

The Trump visit to KSA costed over $85 million in few days.

$42 million???This is shame nothing to celebrate.Please they should report when they have something to tell the world.

This revenue is only collected from Xamar. It is a start we needed. It is also transparent, la isla xisaabtan. Comparing our situation to Sacuudiga iyo Mareykanka is like comparing a toddler socod barad ah to Usain Bolt. We will get there Rabi hadduu idmo.