Sierra Leone Parliament passes Finance Bill 2024

November 11, 2023

The Parliament of Sierra Leone considered and signed the Finance Bill 2024 on 9 November 2023.

This was done through some amendments to the Bill entitled 'Finance Bill 2024' for the economic growth and development of Sierra Leone. The bill also provides for the introduction and modification of taxes, which will affect the government's fiscal proposals and other related matters. Fiscal year 2024 should be regulated.

Sheikh Ahmad Fantamadi Bangla Minister, Minister of Finance, said that this bill, as submitted, is a measure derived from the Finance Law aimed at increasing and improving the state's revenue.

He added that the law aims to promote and protect local farmers and stimulate local markets. Work will also be done to amend several laws to accommodate revenue mobilization to the states and improve domestic revenue from various taxes.

Hon., Minister of Economic Affairs, Government. Mr Matthew Searle Numa continued to distinguish between excise duty and import duty in relation to the Finance Bill, highlighting the Memorandum of Objectives and the rationale for the Bill.

The Chairman said there was no way to control the economy without telling the truth about inflation.

The lawmaker also noted that the current government has not imposed any tax on rice imports in recent years.

He said that the audit report is not a political instrument, further emphasizing the measures introduced by the Finance Act to address issues related to the ACC's audit work.