FGS & FMS Spend
- Thread starter Hilmaam
- Start date
GaradShabeel
VIP
For how long is Somalia going to continue receiving aids and grants? I'm assuming that at some point they will be cut off? 
For how long is Somalia going to continue receiving aids and grants? I'm assuming that at some point they will be cut off?
don't see it happening for a long time. We have no real industries other than ports/maritime and livestock. Our whole economy from what im seeing keept alive by aid and remittance.lots of room to grow in aid department we can keep mooching , need to get on Israel level. 2020 we received 138 M military aid and 551M economic aid from
GaradShabeel
VIP
lots of room to grow in aid department we can keep mooching , need to get on Israel level. 2020 we received 138 M military aid and 551M economic aid from
View attachment 266756
View attachment 266757
Room to grow and reach Israel level?!!!?!? kkk
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Room to grow and reach Israel level?!!!?!? kkk
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if there was safety people and companies would likely invest and build factories and do more thorough resource exploration. The bravest of brave invest in Somalia.Didn’t know about the Ethiopian roadblocks to business, makes sense though.
mudug definitely needs investment but their is risk safety and corruption wise, It’s all risky in Somalia. My goal is to try business in west and get loan one day, get experience and maybe give it a shot back home. I think a lot big shots doing import export business in Somalia and are based out of Dubai from limited exposure I’ve got
They blow all states out of the water with their domestic revenue generation of 264 million. Puntland was 71 million FY22. Attached report for reference everything is using their currency and looks like they require anything under 100USD to use somaliland shilling to keep market stable.
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𐒋𐒖𐒆𐒔𐒖𐒕𐒈
VIP
Thank you for sharing it.
A couple of questions:
a) What does 'International trade & transaction' entail?
i) How does the said differ from 'Customs & other import duties'?
b) What is the difference between:
i) Sales tax, and ii) VAT taxes
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No worries they use this manual and the associated codes its still confusing for me but best I could find I don't have business accounting background.
a) What does 'International trade & transaction' entail? code 115 in manual (115) are taxes that become payable when goods cross the national or customs frontiers of the economic territory, or when transactions in services exchange between residents and nonresidents. Th ese taxes are classifi ed into various subcategories according to the nature of the exchange and whether the exchange is related to imports or exports
a) How does the said differ from 'Customs & other import duties'? code 1151 84 Customs and other import duties (1151) cover revenue from all levies and duties payable on goods of a particular kind because they are entering the country or services because they are delivered by nonresidents to residents. Th e levies may be imposed with the intention to raise revenue or discourage imports in order to protect resident producers of the same goods or services. Th e duties may be determined on a specifi c or ad valorem basis, but they must be restricted by law to imported products. Included are duties levied under the customs tariff schedule and its annexes, including surtaxes that are based on the tariff schedule, consular fees, tonnage charges, statistical taxes, fi scal duties, and surtaxes not based on the customs tariff schedule. Th is category covers taxes that fall on imports only. Imports that fall into a wider category of goods that are subject to the tax should be recorded under general taxes on goods and services (1141) or excises (1142). If excises are levied on imported goods under the same law to comparable domestically produced goods, then the revenue from the tax should be classified as arising from excises rather than from import duties
b )What is the difference between:
i) Sales tax, and ii) VAT taxes Im not sure what this one would look like inside somalia. Below document talks about it a bit
bidenkulaha
GalYare
Barely taxes shabellaha Hoose. I know in Afgooye Cayr money (from farms etc) goes to Xamar, Bakool is probably the smallest and poorest region in Somalia. Baydhabo should raise more tho but it is under siege effectively, without any roads open to other cities in the stateEven without a port, SWS should be putting up much better numbers. There are 3 Gobols!
Where it goes way off is they expected 262M from outside sources =grants for 2022 but only received 27.5M , keeping in mind no data for jan/feb. very strange seems a lot of major projects were canceled if I am reading this right
FGS revenue without grants 356M. World class ports make all the difference. I see why garcad was built. Somaliland also has more robust tax system it seems with different taxes they list.
Hirshabelle's two gobols collect money independently, they are yet to reach revenue sharing agreements.I’m surprised to see SWS is generating more revenue than Hirshabelle.
