Being an Act 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 2021.
The Finance Act, 2021 of Sierra Leone covers several key areas related to taxation and financial matters for the year 2021. Here’s a summary of the main areas it addresses: Imposition and Alteration of Taxes: The Act provides for the imposition and alteration of taxes as proposed by the Government for the financial year 2021. Registration and Licensing Fees: The Act outlines various fees for the renewal of registration and licensing for different activities, such as manufacturing, importing, exporting, distributing, and warehousing of pesticides or chemicals. These fees vary depending on the type and scope of the activity. Amendments to Existing Acts: Pay-Roll Tax Act, 1972: The Act introduces an amendment to include public international organizations under the scope of taxable entities. Customs Tariff Act, 1978: The Act amends the First Schedule of this act, which includes changes to tariff rates for certain goods, particularly focusing on wheat used for industrial flour production and portable automatic data processing machines and their components. Overall, the Finance Act, 2021 is aimed at regulating taxation, licensing, and tariff rates to support the financial objectives of the government for the year 2021.
