Today marks a significant milestone for Somalia as the House of the People passed the Income Tax Bill with overwhelming support—138 MPs voted in favor, while only 2 opposed and 1 abstained.
This move represents a crucial step in strengthening the country’s fiscal framework, which is essential for economic stability and growth.
By establishing a more structured tax system, Somalia aims to enhance its revenue generation capabilities, reduce reliance on external aid, and fund critical public services and infrastructure projects.
This development reflects the government’s commitment to building a more self-sufficient and resilient economy.