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Tuesday, June 6, 2023

Parliament Okays Finance Act of 2017

HomeAYV NewsParliament Okays Finance Act of 2017

Parliament Okays Finance Act of 2017


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The Bill provides for the imposition and alteration of taxes and other related matters connected thereto.

In presenting the bill to the House prior to ratification, the Deputy Minister of Finance and Economic Development, Momoh Vandi said that the bill seeks to provide for the alteration of existing laws related to revenue collection, enforcement and administration; with the aim of feeding the National Budget through domestic revenue mobilization; and to align our tax laws; cognizant of the common external tariff and the African Union levy to ensure effective tax administration consistent with provisions in those treaties.

Some of the amendments made and voted on by MPs include the payment of airport tax without exemption through the imposition of tax on persons that are liable to pay, 20% should be taxed on winnings that are above Le10 Million on gaming and betting and 10% on winnings below Le10 Million, fines on defaulting airlines should be charged in $5000 or its equivalent converted in Leones at existing rates, 20% tax on wheat flour as bread was considered as the second staple food of ordinary Sierra Leoneans, soft drinks, fruit juice etc., should be taxed at 20% with the exception of mineral water that should be charged at 30%, that cigarette should be charged at 25% on the CIF and the removal of its excise duties, and that 40% tax should be imposed on beverage with 10% content instead of $4 per liter in the 2016 Finance Act that resulted in huge revenue loss for the Government and the People of Sierra Leone, with the aim of making beer readily available for the people at a lower cost.

You may recall that The Finance Act of 2017 was passed into law with some amendments on the 26th April 2017, being the eve of Sierra Leone’s Independence, 26th April 1961 when the Duke of Kent opened the Chamber of the Parliament of Sierra Leone, on behalf of the Queen of England to debate and pass laws for the development, peace, security and good governance of the country.

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