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Business stakeholders were recently briefed by Ibrahim Sorie Kamara, Senior Commissioner of Domestic Tax Department at the National Revenue Authority (NRA), that failure to comply with the Electronic Cash Receipt (ECR) system will result in a fine of Le50,000.00 (Fifty Thousand Leone New Notes).
When the Electronic Cash Receipt (ECR) was implemented early this year, it was bitterly resisted by traders who saw the system as a witch hunt to their profit. Reacting to the ECR System, traders closed their shops inna form of peaceful protest until dialogues made others to understand the system. But according to reports from NRA, there yet some businesses that want to beat the system.
Ibrahim S. Kamara stated that the Technical Team of the NRA is ready to assist business organizations where ECR machines are installed, adding that some companies are not integrated into the NRA system and are still hiding their goods or products.
As a result, the Senior Commissioner issued a harsh warning that businesspeople who had disobeyed the ECR system will be subject to the full weight of the law. in particular those who would not submit to the Authority’s requirements by the end of December 2022.
The Finance Act of 2018’s Section 35 Subsections 1, 2, and 3 grants the NRA the authority to place electronic fiscal devices in commercial buildings in order to promote the nation’s economic growth.
Recall that the Authority began installing ECR machines in all wholesale business contracts across the nation in early 2022. This was done to make it possible for products to be sold at retail outlets track sales, reduce register errors, collect inventory data.
