GST Compliance in 2025: Key Changes and Best Practices

19 February 2025

GST Compliance in 2025: Key Changes and Best Practices

The Finance Act 2025 introduces significant amendments to the Goods and Services Tax (GST) Act 2009, focusing on compliance requirements such as the deadline for GST filing, required documentation, penalties for non-compliance, and payment obligations for relieved persons and organisations. This blog examines the revised compliance framework, key amendments, and practical steps for taxpayers in Sierra Leone to align with the updated GST regulations, which took effect on January 1, 2025.

15 November 2024

Navigating the 2% Tourism Levy in Sierra Leone: A Guide to Compliance for Businesses

A 2% Tourism Levy was introduced in Sierra Leone through the Finance Act 2023, marking a significant development in the tourism sector. The levy seeks to contribute to tourism infrastructure, quality improvements, and growth. However, its implementation has introduced several compliance obligations for tourism businesses, including hotels, guesthouses, resorts, restaurants, and other establishments. Understanding and adhering to these requirements is essential for ensuring compliance and avoiding penalties and interest from the National Revenue Authority (NRA).

31 October 2024

Best Practices For Managing Account Receivables And Payables

It is no secret that many businesses, especially large ones handling high volumes of transactions, struggle with effective cash flow management. This often makes it challenging to manage accounts receivable (AR) and accounts payable (AP). Maintaining healthy cash flow and ensuring financial stability requires efficient management of both. Proper handling of AR ensures that businesses receive timely payments from customers while managing AP helps ensure that bills are paid on time, preventing cash shortages and avoiding penalties. Managing these accounts is a complex balancing act, but it is crucial for accurate tracking of purchases and for avoiding the risk of overpaying or missing payments for goods and services— a situation no business wants to face!

17 October 2024

A Closer Look at the New Withholding Tax (WHT) Rates: What Businesses and Contractors Need to Know

The Finance Act 2024 made several amendments to the Withholding Tax (WHT) rates. Notable amendments were made to the WHT rates for resident and non-resident contractors, management, and professional fees. These amendments to the law have a significant impact on contractors and businesses. Let’s break down what this means for you.

10 August 2023

Could Businesses Escape Financial Fraud?

The financial scandals which have appeared in recent times have placed fraud at the heart of economic and financial issues.

7 July 2023

Achieving Financial Security: Key Steps to Follow

Financial security is an essential aspect of our lives that often goes overlooked. It refers to the peace of mind that comes from knowing that you have enough money saved to cover your expenses, both now and in the future. Achieving financial security is crucial for a happy and stress-free life, as it provides a sense of stability and enables you to make important life decisions with confidence.

23 May 2023

Pay As You Earn (PAYE) Compliance Management in Sierra Leone

. The PAYE Tax system in Sierra Leone requires employers to deduct and remit taxes on behalf of their employees to the National Revenue Authority (NRA). The system is regulated by the Income Tax Act of 2000 and applies to all employees who earn income in Sierra Leone.

2 February 2023

Tax Evasion, An Illegal Act

It's not uncommon to come across the term 'Tax Evasion', but do we have a thorough comprehension of its meaning and the potential consequences if we become involved in it? In this article, we will explore the definition and what the results could be if we take part in it

11 November 2022

Forensic Accounting & Fraud Examination - Part 1

Occupational fraud is when an individual commits fraud depending on how much opportunity he has in the organisational hierarchy, it’s therefore the deception, the act of concealment, that convinces fraud examiners that the perpetrator knew his or her actions were wrong. An example of one of the most notorious occupational fraud schemes ever is the Enron scandal. Enron was a...

27 October 2022

Why we need an Effective Regulatory Framework

Regulatory Framework refers to tax information, essential rules, procedures, and other important information, like laws and governing bodies that act as guides to ensure that businesses are operating by the law.

20 July 2022

A Sharper Tax Tool

The IMF’s TADAT diagnostic tool can help countries improve resource mobilisation to fund key infrastructure and public services

6 May 2022

Classifying Workers For Tax Purposes in Sierra Leone (Employee versus Independent Contractor)

This blog highlights the tax legislation differences between employees and independent contractors. Furthermore, we explore the tax implications and impact on organisations, employees’ wages, and government revenue if workers are misclassified.

29 April 2022

Time to halt incentive bonanza

Calls are growing to unify tax policy and legislation in West Africa in a bid to avoid a ‘race to the bottom’ in tax incentives for foreign investors

24 January 2021

Sierra Leone’s Cash Crisis: An Opportunity to Promote Digital Payments

Since November 2020, there has been a shortage of Leones as citizens are challenged in withdrawing the amount of cash they need from commercial banks. This cash shortage affected Sierra Leoneans as, traditionally, Christmas is when we splurge the cash to prepare for weddings, parties and family celebrations.

20 January 2020

Goods and Services Tax in Sierra Leone, A Decade On: Going Down Memory Lane

At the end of 2019, I resigned from my job as a Deputy Commissioner at Sierra Leone’s National Revenue Authority (NRA). I consider this singular action a pivotal moment in my professional life. As I started reflecting on some of the critical moments that transformed my life from a young graduate joining the NRA as a Collector (Junior Supervisor) to leaving as a Deputy Commissioner with a wealth of experience in the sixteen (16) years I was at the authority, I decided to narrate the GST implementation story. I am quite sure that telling this story would not only help finetune my next steps but will also serve as a lesson for the young generation of professionals and our country.