The Minister of Finance (Abdiaziz Mohamed Samaale) budget presentation for the year 2014 to the House of Representatives
Making a budget presentation is a real challenge reason, being what information do you present, the approach one can arrange the presentation and where do you even get started? etc. Somali-land, Minister of Finance, Abdiaziz Mohamed Samaale has laid down in advance an effective fundamental of successful budget planning, which, which is the based on the following elements.
Tracking record success in the past. Budget planning information. Revenue methodical process, inward projections. Formulate more Accurate and research of accurate important attributes of the budget for executives etc.The application of these combined tools have facilitated the minster demonstrating to the parliament a spreadsheet, which is detailed for all the elements necessary to explained to concerned body based on systematic procedure, that generated adequate confidence while presenting the same.
As put in plain words by the minster, the new budget is free from any tax increase, but in fact, the same has waived any tax for the essential commodities, which assists the growth of the national economy such as, the water resources, fishery equipments, agricultural equipments, all ranges of industries etc and equipments required for rural development. Transfer.
The minster has developed a new technique in the new budget, which has sourced additional revenue for the government and similarly profited by the public. One illustration for the new re-arrangement and restructure is that, the cost of transferring vehicle ownership have been amended only 45 dollars in the case of small cars and 100 dollars in the case of big vehicles, when it was previously 3 % . This percentage of 3 inherited from former government was excessive to the public and that was invlived security risk to the public, since most cars are remained under the ownership of the first Proprietor. As result of cost reduction, most of the people, who were previously not enthusiastic transferring their vehicles on their names as consequence of high cost at present, will be influenced benefiting now by the new fees structure.
The forecasted budget of the first year prepared by Ex-finance Minster, Engineer Mohamed Hashi was short by 4.5 million dollars for the forecasted budget, whereas, the successive budgets submitted by the current Finance Minster, A bdiaziz Mohamed Samaale tallies to forecasted figure of to budget or without lesser the predicated totality.
The budget for next year (2014) is outsized to that of last year for former government by 324 %. (US $ 47 against US $ 152).Taken this achievement into consideration and the level of progress, it is evident the future years to come promising further accomplishment and executions of additional triumph.Although, the new budget has yet been approved by the House of Representatives, however, the same was cheered by most members in view of its size and the approach given explanation.
Ismail Lugweyne. Rabasoro55@hotmail.co.uk