Tabling the FY 2026 Finance Bill for ratification and approval in the House of Parliament on Wednesday, 26th November 2025, the Minister of Finance, Ahmed Sheku Fantamadi Bangura, explained that the proposals in the bill would enhance tax efficiency and compliance efforts to boost domestic revenue mobilization, which he said is critical to mobilize 2.85 billion which would represent 1.5% of GPD in additional revenues to ease fiscal pressure on the government.
Minister Bangura further noted that delivering sustainable growth for any country requires adequate domestic resource mobilisation to support service delivery, stating that the inability of a state to provide basic services for its citizens can undermine public trust, weaken state institutions, affect democratic governance and thwart economic growth.
For these reasons, he said, the Finance Bill 2026 contains measures that mainly seek to help improve the efficiency of tax administration, strengthen enforcement, support the private sector, whilst at the same time addressing deep-seated issues of poverty, inequality and vulnerability.
The FY 2026 Finance Act seeks to introduce:
* Zero import duty rates for LPG gas and all accessories, cooking stoves, solar panels and other home system components and parts.
* Increase the specific excise duties on tobacco and tobacco products.
* Restore excise on cement (NLe10 per 50 kg), which was suspended to cushion the effect of the global crises and the COVID-19 pandemic.
* Extend the application of excise stamp to imported and locally produced bagged or packaged cement, bagged or packaged sugar, bagged or packaged fertiliser, and cooking oil in containers.
The Finance Act also increase the rate and extends the scope of the annual circulation levy during the importation, annual registration or licensing for the following categories, increases demurrage and storage free period, and strengthens the law for digital taxation, among others.
After lengthy debate and amendments, members of parliament from both sides of the divide stressed the need for effective and efficient tax administration and management.
They admonished the government to not only enhance revenue mobilisation but also be prudent in the public financial management to reduce wastages, corruption, and improve pro-poor service delivery for the people of Sierra Leone. ©️MOF Communications
