Browsing Tag

Deciphering

Deciphering Somalia’s Ongoing Election Dilemma: A Call for a Pragmatic Evaluation

On June 8, 2023, I had the honor to visit Villa Somalia for a discussion with President Hassan Sheikh Mohamud about crucial national matters. This followed the National Consultative Council's controversial decision regarding the electoral future of Somalia. This decision, which received backlash, proposed extending the terms of the Federal Member States, switching to a presidential system, eliminating the Prime Minister's position, restricting national political parties to two, and putting forward a single election…

Deciphering How Financial Conglomerates Shape Somalia’s Tax System

Over the past ten years, the financial sector in Somalia has seen a significant rise in financial conglomerates, which include banks, mobile operators, and money transfer services. However, the taxation system for Somalia's financial services sector is not fully developed. Each entity within a conglomerate is subject to various taxes such as payroll, value-added, corporate income, regulator fees, bank levies, capital gains, and a financial transactions tax. Payroll taxation has recently begun, and conglomerates are typically…

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