Here are the key points of the Finance Act, 2017: Background and Purpose: The Act is enacted to provide for the imposition and alteration of taxes for the year 2017 and other related matters. Commencement: The Act came into operation on the 1st day of January 2017. Amendments to the Control of Betting and Lotteries Act, 1969: Section 3A is amended to introduce income tax on prize-winning money exceeding Le 500,000, with withholding rates set at 10% for amounts up to Le 10,000,000 and 20% for amounts above that. A new section 3B is inserted, imposing a royalty tax of 0.25% on gross revenue from sales of all gaming and lottery products. Amendments to the Pay-Roll Tax Act, 1972: Section 2 is amended to set different tax rates for employees based on their citizenship status, with lower rates for ECOWAS citizens. Amendments to the Foreign Travel (Ticket) Tax Act, 1975: Section 3 is amended to specify the foreign travel ticket tax rates irrespective of where the ticket is purchased. Section 4 is deleted. Section 5 is renumbered as section 4, with modifications related to tax liability and destination changes. Section 14 is amended to increase the tax amount from “five hundred Leones” to “Five thousand United States dollars or its equivalent in leones.” Section 16 is amended to include a schedule specifying tax rates based on ticket class and destination. Overall, the Finance Act, 2017 introduces and amends various tax regulations aimed at enhancing revenue generation and ensuring fair taxation practices in Sierra Leone for the year 2017.
