Bihi Egeh, Somalia’s Minister of Finance, extended his gratitude to the honourable members of the House of the People (Lower House) for their diligent work in passing four critical bills: the Insurance (Takaful) Bill, Income Tax Bill, Revised Financial Institutions Bill, and Revised Anti-Money Laundering and Terrorist Financing Bill.
These pieces of legislation represent a significant step forward in strengthening Somalia’s economic foundations, fostering a conducive environment for investment, and promoting sustainable economic growth.
The Bills will now proceed to the Senate for further debate and consideration before they can take effect. Once enacted, these laws are expected to enhance financial regulation, improve revenue collection, and bolster efforts to combat financial crimes, all of which are essential for building a resilient and prosperous economy for Somalia.
This legislative progress underscores the commitment of Somalia’s institutions to creating a stable and transparent economic framework, which is vital for attracting both domestic and foreign investment. Egeh and stakeholders across the nation look forward to the positive impact these laws will have on Somalia’s development trajectory.