author_orbitax
Orbitax

Share This Article

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

13 January 2022

|

Approved Changes

|

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 - turnover above SLL 100 million up to SLL 5 billion small taxpayer - turnover above SLL 10 million up to SLL 100 million micro taxpayer - turnover up to SLL 10 million The fees for...