Somalia Implements 5% Sales Tax Collection Starting August 18, 2024

• Somalia will start collecting a 5% sales tax directly from businesses starting August 18, 2024
• The tax will be deducted from business accounts at the point of sale
• The sales tax will be deposited directly into the government’s central treasury
• The Ministry of Finance emphasized that taxes will be automatically deducted and deposited
• The government and business community have not reached a consensus on how to collect the tax from customers
• This has posed challenges for residents of the capital who do not receive government services

Source: somalidispatch.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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