Freetown, SIERRA LEONE – Auditors faced difficulties tracing over SLE3.5 million (SLE3,565,919) in income tax revenue transferred to the Bank of Sierra Leone by the Sierra Leone Commercial Bank, which was collected during the year 2022. The funds were intended for the Consolidated Funds, but the transfer could not be traced in the Income Tax accounts held at the Bank of Sierra Leone, as reported in the Annual Report by the Acting Auditor General.
While acknowledging the commendable efforts of the National Revenue Authority (NRA) in significantly increasing revenue collection during the year, the Auditor General, Abdul Aziz, highlighted certain gaps in revenue assessment, collection, and reporting. He attributed these gaps to the failure of the NRA to collect tax revenue and enforce measures and penalties against defaulters, as permitted by law.
Aziz also pointed out another irregularity in revenue management, where Input Goods and Services Taxes (GSTs) lacked proper documentation, such as schedules of local purchases and import GST in the Integrated Tax Administration System (ITAS). This irregularity resulted in a revenue loss of SLE39.7 million (SLE 39,724,763).
The Annual Report underscores the importance of addressing these gaps in revenue management to ensure transparency, accountability, and the maximization of revenue generation for the country. ZIJ/20/12/2023