DECEMBER 18, 2014 By Samuel J. Kargbo
Members of Parliament yesterday enacted the 2015 Finance Act, which according to the short title, would provide for the imposition and alteration of taxes during the said year. The new Act will come into operation on 1 January 2015.
Speaking in Parliament, Minister of State, Finance and Economics Development, Foday B.L. Mansaray, said the Act would amend revenue laws, align them to the strategic objectives of the government, as well as streamline tax administration, improve compliance, stimulate the business environment and increase revenue generation.
Mansaray said the Act would achieve the aforementioned by way of simplifying and making tax administration law in Sierra Leone more transparent and fluid, while also promoting youth employment and supporting local industries.
Speaking during deliberations just before lawmakers ratified the Act, Hon. Hassan Sheriff of the ruling All People’s Congress said at the end of every year the Ministry of Finance and Economic Development presents the annual Finance Bill which indicates tax rates imposed by government.
He opined that the Act would help generate increased income into the consolidated revenue funds (CRF), noting that both the National Revenue Authority and Ministry of Finance and Economic Development should share the responsibility of popularising the new Act.