Law Makers in Sierra Leone have approved the country’s national budget for 2021 estimated at around nine hundred million dollars.

But the finance act is on which the proposal relies has already given huge tax concessions to certain businesses.

For instance, there’s reduction of corporate tax rate from 25 percent to 15 percent for factories that are exclusively established outside the capital – Freetown and a reduction in tax paid on retained earnings from 30 percent to 10 percent when it is in excess of 50 percent post tax profit in a current year of assessment for all corporate entities including parastatals. 

The Deputy Finance Minister, Patricia Lavaly told WADR Correspondent in Freetown that the burden would now have to be diverted to property rate and other tax avenues….