The President of the Federal Republic of Somalia, H.E Mohamed Abdullahi Farmaajo, has signed into law the Revenue Management Bill as part of Somaliaβs endeavours to improve revenue management and processes as well as enhance good governance and financial transparency.
The President stated that raising and effectively managing domestic revenue is key to Somalia’s sustainable development and in the national economic reform journey to achieve this.
President Mohamed Abdullahi Farmajo thanked the honourable Members of the House of the People and Senate, the Cabinet, Members of both houses of the Parliament, the National Economic Council and all Somali experts who took part in the finalization process of this valuable Bill. The President particularly praised the Budget and Finance Committee of the House of the People and the Senate which worked so hard to take the Bill through the constitutional process.
βThis Bill entailing revenue management is a law that is consistent with the modern revenue collection system. The provisions under this Bill are important instruments in helping to raise domestic revenue and in defining the rights and responsibilities of the taxpayers as well.β the President said.
After signing the Bill, President Mohamed Abdullahi Farmajo held a special meeting with the leadership of the Ministry of Finance and Department Directors of Finance, where the President gave a thorough presentation on the danger and viciousness of corruption, emphasizing the government’s continued commitment and its zero-tolerance approach against corruption.
The Bill signing ceremony was attended by Finance Minister Abdirahman Duale Beyle, Minister of Justice Hassan Hussein Haji, Minister of Commerce and Industries Abdullaahi Ali Hassan, State and Deputy Finance Ministers, Mahamud Hayir Ibrahim and Abdullahi Sheikh Ali, State Minister for the Presidency Abdulkadir Sheikh Ali (Baghdadi), and Presidential Chief of Staff Dr. Nur Dirie Hersi (Fuursade).
