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Revenue Performance 2022/2023

Somalia’s economic performance has remained weak in recent years due to adverse global macroeconomic conditions and climate shocks, which have led to lower crop production and weak export performance. Real GDP is projected to grow to 3.7 percent in 2024, higher than nearly 2.8% in 2023. The effects of the Covid-19 pandemic, ongoing Russian-Ukrainian war, and recurrent droughts have severely hampered economic growth. This has also impacted the government revenue collections and economy in general. This report is an annual revenue performance in the fiscal year 2022/2023, presenting annual domestic revenue performance, tax expenditure and any other issue related tax policy in FGS. The analysis utilized data retrieved from the Somali Financial Management Information System (SFMIS) and Customs Management Information System (CMIS). This data is quantitatively analyzed to show the graph, percentage of change and calculate the amount collected from heads or customs and inland revenue. The gross domestic revenue collections in FY 2022/2023 were $329.5 Million dollars against a budget of $283,306,139. This has resulted revenue growth of 25%, and a surplus of $66.78 million. Customs remains the largest source of the revenue followed by non-tax, sales tax, income tax and others including stamp, road and notary taxes respectively. At the inland revenue taxes, the revenues registered 53% whereas the customs revenue amounted 47% of total revenues. However, this customs revenue has been gradually declining when compared the revenues collected in the last decade.


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