Somaliland announces tax relief measures to tackle coronavirus disruption

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Somaliland government has announced on Friday tax relief measures in a bid to tackle Covid-19 disruptions to prevent from the skyrocketing of prices of essential food items. All food items that are being imported to Somaliland will get tax exemption of 20 percent. This was announced by Somaliland Minister of Finance, Dr. Sa’ad Ali Shire, flanked by the deputy finance minister and the Director General. The finance minister has asserted that food items including wheat flour, cooking oil, sugar, and pasta will receive a tax exemption of 20 percent. Dr. Sa’ad has announced that the government has set up Fund Initiative which is aimed at assisting vulnerable section of the community who have been impacted by the outbreak of Covid-19. The FM has further disclosed that the government has donated 1 million dollars. Dr. Sa’ad also noted that the government has created an initiative fund to support small businesses that have bankrupted during Covid-19 pandemic. The FM has said that the government will deposit 1 million US dollars.  The government has also deposited 1 million US dollars allocated in the fight against Covid-19. Dr. Sa’ad has reminded that the Covid-19 initiative fund was donated with 500, 000 US dollars earmarked for the prevention against the deadly coronavirus. He said that the government has reached the decision to exempt taxes on all equipment and medical supplies intended to the fight against Covid-19. Items that saw tax exemption include face masks, gloves, medical thermometers, personal protective equipment. The government of Somaliland has reached the decision to closely monitor the prices of basic commodities, including food rations, medical supplies, fuel, and prevention kits against Covid-1.

The government of Somaliland encourages all citizens to donate to the Initiative Fund which has been created to support individuals that have bankrupted during Covid-19 pandemic. The FM has appealed to the banks and firms not to put pressure on their clients that they owe money so that they will re-pay them as urgently as they can.

He called on banks and firms that offer loans to extend the due date while the customers are faced with Covid-19 economic hardships. The government urges banks and firms that give credits to the clients to lessen the criteria for being eligible to get loans. A final plea is sent to all Somaliland citizens at home and abroad to contribute to fund raising project which is aimed at supporting small businesses that have bankrupted during the Covid-19 crisis and the funds earmarked for the fight against Covid-19 pandemic.

 

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