The President of the Federal Republic of Somalia, H.E Mohamed Abdullahi Farmaajo, has signed into law the Revenue Management Bill on Sunday.
According to the office of the President the bill is part of Somalia’s endeavours to improve revenue management and processes as well as enhance good governance and financial transparency.
Upon signing the bill President Farmajo stated that raising and effectively managing domestic revenue is key to country’s sustainable development and the national economic reform process.
The head of state thanked the members of the House of the People and Senate, the Cabinet, Members of both houses of the Parliament, the National Economic Council and 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.
“This 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.” the President said.
The 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).