By Goth Mohamed Goth
The Deputy-Minister of the Ministry of Finance Development HE. Muse Ibrahim Yusuf today reminded taxpayers that business income tax returns for 2020 income are due to be filed on 30 April 2021.
The Deputy Minster today opened a training session for over 50 taxpayers at the Baraar Hotel, Hargeisa, where Inland Revenue department (IRD) experts explained how the new business income tax works and how to complete the Business Income Tax Return Form.
“Income Tax and other Taxes under the new Revenue Act are self-assessed, which means that taxpayers must complete and file their own return forms and pay the tax without prompting”, the Deputy Minster said.
Taxpayers registered on the IRD online portal, somaliland-ird.com/taxpayer, will be able to find a detailed guides to the new taxes, complete their business and rental income tax forms online, and use the e-cashier service to pay the tax.
The IRD can provide you with information or assistance on how to file and pay your 2020 returns.
• Visit the Ministry’s websites www.slmof.org (English) and www.som.slmof.org (Somali)
• Visit IRD Headquarters in Hargeisa, or any IRD district or regional office
• Call the IRD Help Desk on 3535
Businesses need to file their income tax returns and pay the tax by the 30 April deadline to avoid penalties. The Revenue Act (No 72 of 2016) imposes late filing penalty of the greater of 2% of the tax payable or $100 per month. In addition, the Act imposes a late payment penalty of 2% per month on the unpaid amount from the due date until the tax is paid.