Somalia: Ministry of Finance Announces Highest Ever Revenue Collection in 5 Years
The Ministry of Finance has announced a 17 percent revenue increase for third quarter of the year ended September 2019.
Where as the total revenue collected last as at the same time last year, was 198 million Us dollars, this year the government netted 233.3 million dollars.
The results shows that the raft of measures put in place by the government to fund its expenditure from local taxes is bearing fruits.
Part of the strategy was to have as many business as possible within the tax bracket, seal all the loopholes that allows for stealing of revenue and strengthen revenue collection capacity.
There has an upward progress in the past five years, with 102 million collected in 2015, 123 million 2016 and 148 million in 2017.
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