THT-The Minister of Finance, Dr. Saad Ali Shire, has briefed the House of Representatives on two bills that the President of the Republic of Somaliland, Mr. Muse Bihi, had re-introduced aimed for amendment and Corrections, i.e. Administration and Finance Act. 75/2016 and the General Revenue Act No. 72/2016.
Dr Sa’ad stated that these laws which is for the government financial system PFM, consists in five parts;
A.Budget b. General Income c. Expenditure Management d. Purchase e. Monitoring and Auditing, which are governed by five Acts, a. General Tax Revenue Act no. 72/2016, Somaliland Customs Act No. 73/2016, National Administration and Finance Act No. 75/2016, the National Audit Office Act no. 76/2016, Contracts Act No. 82/2018.
Dr Sa’ad said these acts are governed to all government and non-government agencies & reasons for their amendments and corrections are as follows:
- Errors and omissions,
- Drafts that are important for the accountability, transparency, and transparency of financial management and revenue collection of the Government.
Benefits of Amending the Rules:
- Increase accountability, transparency in the management of public finances and revenue.
- It shall enable the House of Representatives to carry out its duties, supervise and hold it accountable, and shall provide the House of Representatives with comprehensive information on the management and use of public resources;
- Increasing the Executive Powers and Accountability of Revenue Management
- The establishment of an internal audit which will be owned by all the different institutions of the country.
- Public Participation in Budget Preparation
- Create a Treasury Single Account.
These laws which were distributed to the lawmakers, are expected to be debated and approved in the coming days.
Minister Dr Saad, was accompanied by the meeting the Director General and departmental heads of the Ministry of Finance