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Update - Sierra Leone Reduces GST Registration Threshold and Late Payment Penalty as Part of Finance Act 2022 — Orbitax Tax News & Alerts

As previously reported, Sierra Leone's Finance Act 2022 entered into force on 1 January 2022, introducing various tax changes. An additional change not yet reported is the reduction in the GST registration threshold from SLL 350 million to SLL 100 million with effect from 1 January 2022. In addition, the penalty rate for late GST payments is changed from one-half of the 364-day treasury bill rate of the Bank of Sierra Leone for each month of delay to one-twelfth of the treasury bill rate.