{"id":28163,"date":"2024-02-07T12:50:44","date_gmt":"2024-02-07T12:50:44","guid":{"rendered":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile"},"modified":"2024-02-07T12:59:51","modified_gmt":"2024-02-07T12:59:51","slug":"government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile","title":{"rendered":"Government of Sierra Leone Revokes Temporary Tax Incentives Granted to Sierra Rutile"},"content":{"rendered":"

Africa-Press – Sierra-Leone. <\/strong><\/span>The Sierra Leone government has revoked a generous tax break for mining company Sierra Rutile Limited (SRL), citing the company\u2019s improved financial performance as a breach of good faith.<\/b><\/p>\n

In a letter addressed to SRL and made available to Sierraloaded, Finance Minister She\u0328ku A.F. Bangura announced the government\u2019s decision to revert to the original 2001 agreement\u2019s fiscal regime, effective July 1st, 2023. This move cancels the temporary tax base reset incentives granted in August 2021 to help SRL recover from financial difficulties.<\/p>\n

The minister justified the action by highlighting SRL\u2019s \u201cincreasingly growing reported revenues and Net Profit After Tax of over $75 million in each of the last two years.\u201d He argued that this success, driven by increased production and rutile prices, contradicted the justification for the tax break and deprived the government of much-needed tax revenue.<\/p>\n

Bangura emphasized that the initial tax incentives were offered \u201cin good faith\u201d to ensure SRL\u2019s survival after it threatened to suspend operations in 2021. However, he expressed disappointment that SRL failed to inform the government about its improved financial situation.<\/p>\n

\u201cThis is completely unfair to the Government and people of Sierra Leone,\u201d Bangura stated, pointing out the missed opportunity to use the withheld tax revenue for development programs.<\/p>\n

The letter instructs the National Revenue Authority to collaborate with SRL to determine the revised tax obligations under the original agreement. It concludes by urging SRL to \u201cshow responsible business practice\u201d and accept the decision.<\/p>\n

For More News And Analysis About Sierra-Leone<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Sierra-Leone. The Sierra Leone government has revoked a generous tax break for mining company Sierra Rutile Limited (SRL), citing the company\u2019s improved financial performance as a breach of good faith. In a letter addressed to SRL and made available to Sierraloaded, Finance Minister She\u0328ku A.F. Bangura announced the government\u2019s decision to revert to […]<\/p>\n","protected":false},"author":84,"featured_media":28161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[291,293,292],"class_list":["post-28163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-sierra-leone","tag-sierra-leone"],"yoast_head":"\nGovernment of Sierra Leone Revokes Temporary Tax Incentives Granted to Sierra Rutile - Sierra Leone<\/title>\n<meta name=\"description\" content=\"The Sierra Leone government has revoked a generous tax break for mining company Sierra Rutile Limited (SRL), citing t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government of Sierra Leone Revokes Temporary Tax Incentives Granted to Sierra Rutile\" \/>\n<meta property=\"og:description\" content=\"The Sierra Leone government has revoked a generous tax break for mining company Sierra Rutile Limited (SRL), citing t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile\" \/>\n<meta property=\"og:site_name\" content=\"Sierra Leone\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-07T12:50:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-07T12:59:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2024\/02\/sm_1707298153.829022.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Government of Sierra Leone Revokes Temporary Tax Incentives Granted to Sierra Rutile\",\"datePublished\":\"2024-02-07T12:50:44+00:00\",\"dateModified\":\"2024-02-07T12:59:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile\"},\"wordCount\":266,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2024\/02\/sm_1707298153.829022.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Sierra-Leone\",\"Sierra-Leone\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile\",\"url\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/government-of-sierra-leone-revokes-temporary-tax-incentives-granted-to-sierra-rutile\",\"name\":\"Government of Sierra Leone Revokes Temporary Tax Incentives Granted to Sierra Rutile - 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