(29 Sep 2024) MOGADISHU (Halqabsi News) – Somali President Hassan Sheikh Mohamud has inaugurated the annual Union of Somali Banks conference, calling for greater tax compliance and reinforcing governance to foster business growth and international investment.
Speaking to business leaders, the president praised their role in national development but emphasised the need to uphold tax obligations. “The government cannot function without taxes. Tax evasion is theft and will be punished accordingly,” Mohamud said, urging business owners to abide by financial regulations and avoid practices that undermine the system.
He acknowledged the strides made in reforming Somalia’s financial sector and highlighted the government’s focus on building institutions to support economic growth. “Global confidence in our governance system is strong. Banks must also strengthen their trust in the Somali economy and follow laws that govern investment,” the president added. The conference will focus on investment, infrastructure development, and financial system reforms.
Halqabsi News
