Puntland State Bank has a new home! Built using Puntland Tax Money which cost around 1 Million Dollars.
Puntland Modern Taxation System Topic with a Documentary that explains the process:
Puntland Modern Taxation System Topic with a Documentary that explains the process:
PUNTLAND - Puntland Modern Taxation System & Central Bank
Puntland is one of the first government to use the TSI system of taxation in the African continent. https://tsico.com/about-tsi/industries-served/government/
www.somalispot.com
Allahu Akbar!! 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 NGOβs to funnel funding to the government because there was no trust in the old financial management system! The previous yearly budgets also didnβt include Puntlandβs 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 someoneβs 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.
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