President Bio Signs Sierra Leone Finance Act 2024 With New Taxes And Fiscal Adjustments Into Law
Tolulope Aina Sierra Leone’s President Dr Julius Maada Bio has signed The Finance Act 2024 now making it law. The Finance Act 2024 was ratified by Parliament in November with several new taxes and fiscal adjustments aimed at enhancing revenue mobilization and promoting economic growth.
The Act includes key provisions including the amendment to the Customs Tariff Act, introducing a new 5% import duty tax on imported rice, slated to come into effect in January 2024, and subsequently increasing to 10% from January 2025.
Among the crucial provisions outlined in the Finance Act 2024 is the reduction of the Minimum Alternate Tax (MAT) rate from 3% to 2%, accompanied by adjustments to its applicability. Additionally, the act introduces an income tax derived from digital products and services provided by global giants such as Google, Meta, and Amazon, targeting consumers in Sierra Leone.
The Finance Act also addresses Withholding Tax rates, with adjustments made to Dividends, Management and professional Fees, Rent, and Lottery Winnings, all set at a standardized rate of 15%. Furthermore, a 1% Education Levy has been introduced to support educational initiatives.
In a bid to streamline fiscal policies, the government has harmonized Excise Duty rates for both domestic and import sectors. Notably, Excise Duty has been introduced on petroleum and plastic products.
Several other provisions are included in the Finance Act 2024, such as the introduction of a 5% Excise Duty on gambling, betting, and lottery activities. Stamp Duty undergoes adjustments with multiple rates applicable to property and other transactions.
The Goods and Services Tax registration threshold has been raised from SLE 100,000 to SLE 500,000, aiming to provide relief to smaller businesses. Moreover, the Finance Act 2024 reintroduces GST exemption for plant and machinery in the agriculture, manufacturing, mining, and petroleum sectors.
In a strategic move to boost the manufacturing sector, the act introduces Duty exemptions for plant and machinery related to specific manufacturing elements. Demurrage days have also been adjusted, shifting from weekdays to official working days.
That is great
Another cry in Sierra Leone
God will save us from dis poor bio government direction 🙏 😢
We most endured
Emmmmh
We all go beya
Where Sierra Leone is helding to, Papa duya save salone na we 👌
We nor go die in JESUS’ NAME
I have never seen an encouraging headline from this site that is truly meant for the greater good of the people except the urge to push government agenda in every step of the way. There is nothing new here anymore, only head ache.
Papa God duya save us from the hands of these evil and heartless government
If the government mean good for us, inshallah Allah will bless them but if they are doing this for their self interest or affecting the people of this country, Allah will make their them and their families suffer great pains and killed them with that pains inshallah..
Salone we dae suffer,den get the tax to 50 leones,we na wait nor not
Instead of reducing fuel,rice and mobile date tariff,they we go and it,we nor go die,
By the grace of God Maada Bio will pay for it
They great 👍👍👍👍👍👍👍👍👍
It so shameful man
Aaaaaaaa we🙆