March 31 (Bloomberg) -- Somaliland, the breakaway republic in northern Somalia, may double revenue collection this year as it enforces tax compliance among the country’s 40 biggest businesses and richest individuals, the Finance Ministry said.
The autonomous region expects government income to total $100 million this year, even after the government slashed tax rates and abolished other levies, Vice Finance Minister Warsame Said Abdi told reporters in the capital, Hargeisa, yesterday. As of Jan. 1, payroll and sales taxes fell to 5 percent from 12 percent, while income taxes dropped to 10 percent from as much as 25 percent, Abdi said.