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

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 …