The National Revenue Authority has announced for the benefit of the business community, the general public and other stakeholders that Excise Duty Rate on Alcoholic Beverages, with Alcoholic content of less than 10% has been reduced from 30% to 20%.
The decision to reduce the current duty rate on alcoholic beverages stems from various technical consultations held amongst various governmental and non-governmental agencies in line with best practices of other Customs agencies in Guinea, Liberia, Cape Verde, Burkina Faso, Ivory Coast and other members of the sub-region.
Additionally, the reduction in the rate of duty on alcoholic beverages has been done in demonstration of the fervent need to generate the required steady and sustainable streams of revenue to finance the provision of public services and support the Agenda for Prosperity.
Consequently, the government of Sierra Leone through the National Revenue Authority also announced a reduction in the excise duty payable from 30% to 20%, in a bid to encourage investment in the business sector and create the attendant multiplier effect on the economy.
It could be recalled that there has been sharp criticism of the high alcoholic content of beverages sold in the market which many believes is largely responsible for the increased violence and lawlessness amongst youths.
Friday July 04, 2014