The government of Sierra Leone through the Ministry of Finance, in collaboration with the National Revenue Authority (NRA), is set to introduce mandatory Digital Excise Tax Stamps.
This information was made public through a press release from the Ministry of Finance on Friday 8th September, 2023.
According to the press release, the Digital Excise Tax Stamps are for Manufacturers, Importers, Distributors, and Retailers of excisable goods (tobacco, wine, spiritous beverages, and beer products).
They said the new development will assist companies comply with the provisions of Section 37 of the Finance Act 2019, which provides for an excise stamp to be mandatorily affixed on all excisable goods specified by the Minister responsible for finance.
The release revealed that the process to place or affix signatures in either paper form or digital codes directly on these excisable products or packages containing them will begin on 1st October 2023, adding that no New Tax is being introduced in the mandatory Digital Excise Tax Stamps Scheme.
The release further stated that all manufacturers, importers, distributors, agents, or traders of gazetted excisable products should fully dispose of any stock already held at introducing the Digital Tax Stamp Scheme by 1st January 2024, as all stock of gazetted excisable products held before this period without a Digital Tax Stamp should be returned to the manufacturer or importer for affixing the excise stamp.
It concluded by affirming NRA’s decision to apply the full force of the law to impose penalties for any non-compliance to tax obligations prescribed by law.