Company tax in Somalia is 35%

[repo]

I am trying to figure out why Somalia ranks as worse aside from instability. Check out the taxes.

Tax Rates

Sales Tax=10% (standard rate).
Company=Tax 35%
Withholding Taxes=Interest and royalties are taxed as ordinary income. Dividends are exempt.

Investing in Somalia - International Trade Portal International Trade Portal

Know about the context of foreign investment in Somalia: country's strengths and weaknesses in terms of investment potential (political and economic environment, workforce, ownership costs, tax system, taxes…), investor protection index, foreign direct investments (FDI) in figures (incoming FDI...

www.lloydsbanktrade.com

 

[Xasusi]

They can't enforce it.

 

[Reformed J]

I am trying to figure out why Somalia ranks as worse aside from instability. Check out the taxes.

The people are poor, lazy, AND dumb, there's no productivity.

 

[repo]

They can't enforce it.

They can enforce it in the capital but not anywhere else. To put it in perspective the corporate tax rates of Ethiopia and Kenya are 30%. I think the 35% figure was borrowed from the former US corporate tax rate.

 

[repo]

The people are poor, lazy, AND dumb, there's no productivity.

Bro most of the businesses in Somalia are small and a few medium there are not large corporations. I know I would never pay 35% tax to do business in Somalia you get barely anything in return for those taxes even security is a problem.

 

[Mckenzie]

To pay taxes you need to declare your earnings, do you think ppl really know how these businesses make money let alone how much they make

 

[CaliTedesse]

Damn that's a lot

 

[Yahya]

I am trying to figure out why Somalia ranks as worse aside from instability. Check out the taxes.

Investing in Somalia - International Trade Portal International Trade Portal

Know about the context of foreign investment in Somalia: country's strengths and weaknesses in terms of investment potential (political and economic environment, workforce, ownership costs, tax system, taxes…), investor protection index, foreign direct investments (FDI) in figures (incoming FDI...

www.lloydsbanktrade.com

Not like that in SL.

 

[Mehdi Hassan]

Not like that in SL.

I don't know why Reer Konfur are always throwing shade though...