Blog

Insights on tax, accounting & regulation in Sierra Leone

All

Finance Acts

Other Regulatory Legislation

Tax and Revenue Legislation

Sidie kajue · 7 Nov 2025 · 4 min read

Overview of the Integrated Tax Administration System (ITAS) and its Impact on Taxpayers

The National Revenue Authority (NRA) pioneered the digital era of taxation in Sierra Leone by successfully launching ASYCUDA World............

Read Article

Page 1 of 2

Theodore Lumpkin · 19 Feb 2025 · 3 min read

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.

Theodore Lumpkin · 15 Nov 2024 · 4 min read

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).

Tahir Lahai · 31 Oct 2024 · 4 min read

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!

Margaret J Baio · 17 Oct 2024 · 3 min read

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.

Dentonia Macfoy · 10 Aug 2023 · 6 min read

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.

Alia Bah · 7 Jul 2023 · 2 min read

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.

Foday Sandy · 23 May 2023 · 2 min read

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.

Foday Sandy · 2 Feb 2023 · 4 min read

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

Lisha Rajwani · 11 Nov 2022 · 3 min read

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...