Sierra Leone Parliament Passes The 2024 Finance Act

Sierra Leone’s Parliament has on the 9^th November 2023 debated and passed into law the finance Act, 2024.

This came by with some amendments on the Bill entitled ‘The Finance Act 2024″, for the economic growth and development of Sierra Leone, which also seeks to provide for the imposition and alteration of taxes, to give effect to the financial proposals of the Government, and to provide for other related matters for the Financial Year 2024.

Sheku Ahmed Fantamadi Bangura, Minister of Finance, said the Bill is a measure drawn from the Finance Act intended to increase and improve revenue generation for the State as he present it.

He added that, the Act aimed at generating and protecting local farmers and providing incentives for the local markets as well as working to amend several Acts to meet and address revenue mobilization for the State to improve domestic revenue collection from various taxes.

The Leader of Government Business Hon. Mathew Sahr Nyuma highlighted the memorandum of objects and reasons for the Bill and went on to differentiate the excise duties and import duties relative to the Finance Act.

The Leader said there is no way the economy can be controlled without saying the truth of the matter on inflation.

The MP went on to note that for the past years, the current government had never levied tax on the importation of rice.

He said the Audit Report is not a political tool and went on to highlight the measures put in place by the Finance Act to address issues of audit matters by the ACC.