Supplementary Appropriation Act, 2018
Read MoreHere are the key points of the Finance (Amendment) Act, 2018:
Amendments to the Customs Tariff Act, 1978:
The First Schedule of the Customs Tariff Act, 1978, is amended by repealing and replacing tariff rates under various headings.
Tariff rates for wheat or meslin flour under heading 11.0 are set at 10%.
Tariff rates for fruit juices and vegetable juices under heading 20.09 are set at 20%.
Tariff rates for waters, mineral waters, and aerated waters under headings 22.01, 22.02, and 22.03 are set at 35%.
Excise rates for tobacco products under heading 24.01, 24.02, and 24.03 are set at 35%.
Amendments to the Excise Act, 1982:
The First Schedule of the Excise Act, 1982, is amended by repealing and replacing excise rates under heading 2203.
Excise rates for beer made from malt are specified, with different rates for stout & porter and beer, both being less than 10% alcohol content.
These amendments revise the tariff rates for various goods and the excise rates for beer and tobacco products, aiming to adjust the taxation policies outlined in the Finance Acts of 2008, 2017, and 2018, along with other related matters.
Being an Act to provide for and coordinate various taxes and charges on extractive industries, the regulation of fiscal aspects of extractive industry agreements, and for other related matters.
Read MoreThe Supplementary Appropriation Act, 2018 is summarized as follows:
Purpose: This Act provides supplementary provisions for the services of Sierra Leone for the year 2018.
Amendment to the Appropriation Act, 2017:
The Act acknowledges that the Appropriation Act, 2017, allocated a specific sum for the services of Sierra Leone for 2018.
It states that there’s a need for an additional sum of eighty-four billion three hundred and eighty-eight million two hundred and ninety-one thousand four hundred Leones in excess of the 2017 allocation.
Legal Basis:
The Constitution of Sierra Leone and the Public Financial Management Act, 2016, mandate the submission of supplementary estimates to Parliament when the allocated funds are insufficient or unforeseen expenditures arise.
The Financial Management Regulations, 2007, require approval from the Minister for unforeseen or urgent expenditures.
Allocations:
Specific allocations are provided for various government functions and services, including youth and sports services, solid waste management, agriculture, rural water services, health care, fisheries, and marine resources.
Development activities such as water supply projects, civil registration, electrification of city and district headquarters, and rehabilitation of streets are also funded.
The total sum voted under the Supplementary Appropriation Act is one hundred ninety-seven billion five hundred ninety-eight million six hundred ninety-six thousand Leones.
This Act enables additional funding for various sectors and projects vital for Sierra Leone’s development and welfare during the fiscal year 2018.
The National Electricity (Amendment) Act, 2018 [No. 3 of 2018]
Being an Act to provide for the licensing of persons carrying on banking business, the regulation and supervision of banking activities, financial holding companies and subsidiaries, the protection of depositors and to provide for other related matters.