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Navigating the impact of financial conglomerates on Somalia

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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