The Federal Government of Somalia announced tax exemptions on some of the basic commodities for the next three months to tackle the economic disruptions occasioned by the Corona-virus and prevent from the skyrocketing of prices of essential food items.
The food items that saw tax exemption include rice and dates which received a 100% tax exemption, and flour and cooking oil which saw a 50% tax exemption. The tax exemption is effective from today, 15 April, with a view to mitigating possible food inflation during the Holy month of Ramadan.
The Finance Ministry encouraged an increase in local agricultural production to contribute to efforts to achieve economic sustainability and self-reliance.
Minister of Finance, Dr Abdirahman Du’ale Beileh said the restrictions on flight and travel movement badly affected trade thus adversely affecting the country’s economy as a decrease in revenue from revenue points such as the ports and airports has been witnessed.