PUNTLAND Puntland Modern Taxation System & Central Bank

Manafesto

[Cali Saleebaan][Migiurtinia]
VIP
HalimoEnthusiast
Puntland is one of the first government to use the TSI system of taxation in the African continent.


 

Pwyneth Galtrow

💙 ☆💚
VIP
Allahu Akbar!! :wow1: This is the greatest news to come out of Puntland since its birth in 1998!



I made detailed notes for you guys about this amazing new Financial Management system!

Puntland has spend has been working on The Financial Management Information System (FMS)- with the World Bank. Puntland is the first state in Somalia to adopt the treasury single account!


Previous System
  • There were problems with unpaid/late salaries in addition to excessive off-budget government spending.​
  • Civil servants used to line up to collect hard copies of payment slips​
  • They were also unable to track the large amount of money that was coming into the state.​
  • They also used NGO’s to funnel funding to the government because there was no trust in the old financial management system!​
  • The previous yearly budgets also didn’t include Puntland’s Economic Development Programme.

The New System
  • The system has increased transparency in revenues and government spending and timely payments of civil servants ( who will be paid directly into their bank accounts and they can request their salary using the FMS system online)​
  • Salaries are signed by relevant officials to ensure the expenditure is in line with the budget​
  • Most importantly, this RESTORES TRUST OF DONOR PROJECTS​
  • The FMS provides a framework for transparency in finance management.​
  • Government accounts will be unified under the treasury single account to strengthen oversight on domestic and external revenues​
  • It is now easier to observe bank reserves and curb inflation, oversee public procurements and contracts​
  • All incoming/outgoing money can be scrutinised and audited by the parliament and audit teams.​
  • They also modernised the tax collection system which allows them to judge someone’s income and then calculate how much tax they have to pay.​
  • Tax collectors will be using the new software to collect tax and they have been trained on how to do this.​





"We aim for self-sufficiency by 2025, we want Puntland to stand on its feet and wean itself off international experts and foreign aid”



 
Last edited:

Villainess

smooth talk on a rainy summer evening
is it halal compliant? because i know damn well a lot of people woukd hate a new system with wrongdoings
 

Pwyneth Galtrow

💙 ☆💚
VIP
is it halal compliant? because i know damn well a lot of people woukd hate a new system with wrongdoings

Yes, FMS is just the software used to manage State funding. So now, instead of multiple random accounts and hard copies, everything is in one single account. This way the parliament and auditing teams can oversee everything. Also, all salaries will have to be signed and approved.




A financial management system (FMS) is the software and processes an organization uses to manage assets, income and expenses. An FMS performs various functions: reducing accounting errors, maintaining audit trails and ensuring compliance with applicable accounting standards.
 

Villainess

smooth talk on a rainy summer evening
Yes, FMS is just the software used to manage State funding. So now, instead of multiple random accounts and hard copies, everything is in one single account. This way the parliament and auditing teams can oversee everything. Also, all salaries will have to be signed and approved.
Mashallah. I hope it stays secure without issues. Where does the youth play in this? Do they receive training and/or jobs? And if each and every copy has to be personally signed then how long would it take for an employee to receive his salary?
 

Pwyneth Galtrow

💙 ☆💚
VIP
Mashallah. I hope it stays secure without issues. Where does the youth play in this? Do they receive training and/or jobs? And if each and every copy has to be personally signed then how long would it take for an employee to receive his salary?
Should be quick as it's all online, it's probably just one click for each official.
Young men and women are civil servants and part of the armed forces, so employment should increase in those sectors insha'Allah.
 

FBIsomalia

True Puntlander
VIP
Should be quick as it's all online, it's probably just one click for each official.
Young men and women are civil servants and part of the armed forces, so employment should increase in those sectors insha'Allah.
IT fields coming in. I hope in future to work As IT professional in my beloved PL.
 

DR OSMAN

AF NAAREED
VIP
IT fields coming in. I hope in future to work As IT professional in my beloved PL.
Ill help puntland government out in their cyber security which is quite shocking and the lack of security procedures is horrible. Each staff member needs security clearance. Technology needs to be locked down in terms of rights and permissions. Cables and networking needs to be done securely.
 
Last edited:

FBIsomalia

True Puntlander
VIP
Ill help puntland government out in their cyber security which is quite shocking and the lack of security procedures is horrible. Each staff member needs security clearance. Technology needs to be locked down in terms of rights and permissions. Cables and networking needs to be done securely.
PL will be next Dubai :salute: .
 

DR OSMAN

AF NAAREED
VIP
The government management of our taxes has led to good and effective spending on infrastructure like this. The amount of vehicles and trucks that use this road is 'heavy' and we need to ensure the road can support this heavy trade related traffic from across all Somalia.

 

Pwyneth Galtrow

💙 ☆💚
VIP
It's already working, Puntland caught 14 UN and FAO employees who refused to pay tax. If they don't pay within 5 days, they will be arrested for tax evasion!


 

Libaax-Joore

Boqolka dhuudo boqol u wa
VIP

Puntland Central Bank Construction Nearly Completed

Turki iyo qatar inooma dhisin ee MD Deni baa Inoo dhisay Bank dhexe ee garowe Miiska Wada hadalka hadaan la imaan Adeerayaal Puntland igabadan 🇸🇱 💪💪

FB_IMG_1619088912956.jpg
 

Trending

Top