Martin E Michael, the Managing Director of Mercury International in Sierra Leone, expressed strong concerns on Twitter regarding the Sierra Leone Financial Bill 2024.

The bill he said suggests a 5% tax increase specifically aimed at Lottery and Betting Companies.

Michael conveyed profound dismay, emphasizing that this tax hike directly impacts the lottery and sports betting business, labeling it a potential “absolute killer” for their operations.

He highlighted the lack of consultation, stating that this proposal caught them by surprise as they were not approached or involved in discussions regarding this significant tax increment. Michael conveyed that such an abrupt imposition without any dialogue could have disastrous implications for their business.

He said, “is a new tax specifically aimed at us in the lottery and sports betting business. This is an absolute killer and if implemented will have disastrous implications for our line of business. We were not consulted by the way and today is the first time we are seeing this.”

Moreover, Michael indicated that despite their efforts to make business decisions based on loyalty to staff, partners, and contribute to national development, the current financial environment does not reciprocate these efforts. He emphasized the challenges faced by the company due to increasingly stringent laws inhibiting growth and making survival difficult.

He hinted at an impending shift in approach, suggesting a move away from sentimental decisions toward tougher choices that might cause discomfort but could be essential for sustaining their business. Michael predicted a change in attitude for 2024, alluding to a necessary yet undisclosed transformation for the company’s survival.

The Managing Director’s statements reflect the concerns of many businesses in Sierra Leone facing regulatory measures that could potentially stifle their growth and sustainability. The lack of consultation and the seemingly unilateral decision-making process has sparked worry and calls for a more collaborative and transparent approach between the government and the business sector.

As the Sierra Leone Financial Bill 2024 progresses, the reactions and concerns expressed by Mercury International’s Managing Director signify a need for dialogue and consideration to strike a balance between national revenue generation and the sustenance of businesses crucial to the country’s economic landscape. The potential impact of such tax policies on the betting industry and the broader business environment remains a topic of significant concern and debate.