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Sierra Leone Finance Act 2022 Includes Reduced Tax Rate for Petroleum Operations, New Tax Return Penalties, and Other Measures

|Approved Changes|Sierra Leone
Sierra Leone

Sierra Leone has reportedly approved the Finance Act 2022. Some of the key measures of the Act include:

  • The tax rate for petroleum operations is reduced to 25%, in line with the standard corporate tax rate;
  • The annual turnover thresholds for the definitions for large, medium, small, and micro taxpayers are amended as follows:
    • large taxpayer - turnover above SLL 5 billion
    • medium taxpayer - turn…

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