The Cabinet of Ministers of the Federal Government of Somalia chaired by Prime Minister Hamsa Abdi Barre has decided that all government revenue will be deposited separately into the Treasury from the Single Account (TSA), which strengthens the efficiency of the financial system in Somalia. .
The resolution prohibits the transfer or administration of government revenue to any bank account other than the TSA Treasury. With reference to the 2019 General Finance Management Law, the Council of Ministers underlined that all federal income, including taxes, fees, and fines, must be managed in the form of TSA.
The Ministry of Finance is said to be the sole agency responsible for the collection, management, and monitoring of all federal revenues.
Other government agencies, civilian and military, are expressly prohibited from collecting or managing government revenue.
The Council of Ministers has given special authority to the Minister of Finance to set and change tariffs related to government revenue, emphasizing that this authority cannot be delegated to other agencies. The ministry was also instructed to review the current tariffs to ensure they are in line with the economic conditions in Somalia.
The Council of Ministers also said that all existing agreements related to the economy should be in line with the National Procurement Law of 2016 and the Public Finance Management Act of 2019. The Ministry of Finance was instructed to review international agreements and ensure that they are timely pay to avoid legal punishment.
The resolution also includes several special orders aimed at improving the efficiency and reducing the costs of entering the Port of Mogadishu. Among these is a 50% reduction in the scanning of products arriving in Mogadishu.
