Suffering Sierra Leoneans are facing the worst tax increases in basic commodities in living memory. Unsurprisingly, just like his abysmal first term of Presidency from 2018 to 2023, Maada Bio has resorted to the same political turmoil and bastardisation of the socio-economic strangulation of the already fragile economic situation. Last week, the illegal Bio presidency started their unrecognised and questionable second term regime culminating from the electoral fraud of June 24, 2023, general and presidential elections to increase taxes again. The corrupt SLPP regime is suffering from financial sanctions imposed by the international community and therefore has resorted to raising funds by taxing the poor. (Photo: Fatamadi Bangura).

Basics like the staple food rice, iron rods, cement, fuel and mobile tariffs, etc have been affected by Bio’s thieves. Days after the members of parliament of the main opposition APC party agreed to take the oath of office after months of boycott due to the fraudulent elections, the corrupt SLPP Finance Minister Fatamadi Bangura introduced the 2024 Finance Bill which among other things, proposed the increment of taxes on various items much to the chagrin to most Sierra Leoneans who are the real sufferers of the continuous mayhem and thievery. Ridiculous how the Bio presidency is even taxing Water-Wells in people’s compounds to raise funds to run the illegal regime.

Parliament deliberated on the increase of taxes on basic items like cement, rice, gas, iron rods and so on. The tax increment by Maada Bio has gone down very badly in Sierra Leone. The Finance Bill says the taxes will increase from January 1st, 2024 by 5% and from 2025 by 10%. Most Sierra Leoneans are strongly opposed to any increase in basic items. Equally, the APC members of parliament have criticised the Bill. The illegal government introduced new taxes on rice, iron rods, cement, gas, sports betting, Facebook, and others. The APC party Minority leader Abdul Kargbo blasted the SLPP regime for the unreasonable rise of prices at these difficult times.

The Deputy Leader of the main opposition APC party in Parliament, Hon Aaron Aruna Koroma did not mince his words when he blasted the ridiculous Finance Bill. He noted: “It is now clear that we should no longer dare to say the hardship we are facing in this country is as a result of Ukraine and Russia, we now know that the hardship our people are facing is a Government Hardship.” Hon Aaron Aruna Koroma’s scolding of the Bio-led government in the debate of the 2024 Finance Bill became an internet sensation. False start indeed for Bio’s feed Sierra Leone fakery as the tax on rice confirmed. More details are as follows thus –

Illegal SLPP Finance Minister Fatamadi and His Disastrous Finance Bill 2024

The government of Sierra Leone has presented the Finance Bill 2024 before parliament, proposing several new taxes and fiscal adjustments aimed at enhancing revenue mobilization and promoting economic growth. The Bill, presented by Finance Minister Sheku Ahmed Fatamadi Bangura on Thursday, October 9, 2023, includes key provisions aimed at bolstering revenue mobilization and fostering fiscal sustainability. One of the key proposals within the Finance Act, 2024 is the amendment to the Customs Tariff Act, introducing a new 5% import duty tax on imported rice, slated to come into effect on January 1, 2024, and subsequently increasing to 10% from January 2025.

Among the crucial provisions outlined in the Finance Bill 2024 is the reduction of the Minimum Alternate Tax (MAT) rate from 3% to 2%, accompanied by adjustments to its applicability. Additionally, the bill introduces an income tax derived from digital products and services provided by global giants such as Google, Meta, and Amazon, targeting consumers in Sierra Leone. The Finance Bill also addresses Withholding Tax rates, with adjustments made to Dividends, Management and professional Fees, Rent, and Lottery Winnings, all set at a standardized rate of 15%. Furthermore, a 1% Education Levy has been introduced to support educational initiatives.

In a bid to streamline fiscal policies, the government has harmonized Excise Duty rates for both domestic and import sectors. Notably, Excise Duty has been introduced on petroleum and plastic products. Several other provisions are included in the Finance Bill 2024, such as the introduction of a 5% Excise Duty on gambling, betting, and lottery activities. Stamp Duty undergoes adjustments with multiple rates applicable to property and other transactions. The Goods and Services Tax registration threshold has been raised from SLE 100,000 to SLE 500,000, aiming to provide relief to smaller businesses.

Moreover, the Finance Bill 2024 reintroduces GST exemption for plant and machinery in the agriculture, manufacturing, mining, and petroleum sectors. In a strategic move to boost the manufacturing sector, the bill introduces Duty exemptions for plant and machinery related to specific manufacturing elements. Demurrage days have also been adjusted, shifting from weekdays to official working days.

The Finance Bill 2024 reflects the government’s commitment to fostering economic growth, encouraging investment, and ensuring financial stability through a well-structured fiscal policy. The proposed amendments are poised to have a substantial impact on revenue generation and the overall economic landscape of Sierra Leone. The bill is now under parliamentary scrutiny, with stakeholders eagerly awaiting its outcomes. Courtesy: Sierraloaded.