Navigating the impact of financial conglomerates on Somalia's tax system

[Deeq A.]

In the past decade, the financial services sector in Somalia has witnessed a large growth in financial conglomerates comprising banks, mobile network operators and money transfer operators. The taxation of Somalia’s financial services sector., however, has not yet been fully developed but the various enterprises comprising a conglomerate are liable for multiple taxes including payroll tax, value-added tax, corporate income tax, regulator fees, bank levies, capital gains tax as well as the putative financial transactions tax.

Source: Hiiraan Online