President Mohamed Farmaajo has assented into the National Revenue Act which was passed last week by the Senate.
The Act which aligns revenue collection and utilisation with the law has been hailed as a major milestone in the country’s debt relief process since it’s one of the governance requirements to allow the country qualify for the debt relief threshold.
President Farmaajo thanked the Speakers of both Houses of Parliament, the Cabinet, members of parliament, the National Economic Council and all Somali experts who took part in ‘this valuable process’.
“This law is about revenue management and it is a law that is consistent with the modern revenue collection system. The provisions of this law are the most important in paying taxes and in dealing with the taxpayer. ”
Finance Minister Abdirahman Beyle said during the passage of the legislation at the Senate last week the law was instrumental in revenue collection and management.
“This Bill will support the economic reform efforts by giving direction to national revenue collection and management. Domestic revenue mobilisation is crucial for our future a priority.”
On his part, Senate First Deputy Speaker Absir Ahmad hailed the passage of the Bill as critical in the debt relief process and revenue mobilisation. “Senate today passed the National Revenue Bill marking a major milestone in entrenching revenue collection and use into law. The Bill is also crucial in boosting revenue mobilisation and contributing to domestic financing of the national budget,” tweeted Senator Ahmad.
The signing ceremony was attended by Minister of Justice Abukar Hassan Hussein Haji, Minister of Finance Abdurrahman Duale Beyle, Minister of Commerce and Industry Abdulkadir Sheikh Ali, State Minister, Deputy Minister of the Ministry of Finance Ibrahim Abdullahi Sheikh Ali Qowocow, Director of the Presidency Nur Dirir Hirsi and Mohamud National Auditor General.