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Sierra Leone

Extractive Industry Revenue Act (SL0006)

Overview

At-a-Glance

Action Plan: Sierra Leone Action Plan for 2014-2016

Action Plan Cycle: 2014

Status: Inactive

Institutions

Lead Institution: Ministry of Finance and Economic Development, Open Government Initiative

Support Institution(s): Parliament, Open Government Initiative

Policy Areas

Extractive Industries, Fiscal Transparency, Legislation & Regulation, Public Participation

IRM Review

IRM Report: Sierra Leone End-of-Term Report 2014-2016, Sierra Leone IRM Progress Report 2014-2015

Starred: No

Early Results: Did Not Change

Design i

Verifiable: Yes

Relevant to OGP Values: Access to Information , Civic Participation

Potential Impact:

Implementation i

Completion:

Description

The Extractives Industry Revenue is an Act that is required to regulate the management of revenue especially with reference to the granting of tax incentives to companies operating in Sierra Leone. Implementing the draft Extractives Industry Revenue Bill is crucial in that it would require the government to publish a statement of its tax expenditure, detailing all tax exemptions, the beneficiaries and the revenue foregone in a bid to promote transparency. It will also require producing and publishing a cost benefit analysis on the need to grant tax incentive on an annual basis hence the public will be well informed on the rationale for granting tax incentives which may engender public debate and foster accountability and reduce the discretionary powers of Government officials. Recently, according to the National Revenue Authority over $1 Billion in concessions were given to countries operating in Sierra Leone over a two year period. Actions Required/Milestones for Completion:
a) Public consultations held on the Bill within a reasonable time frame.
b) Bill tabled in Cabinet by Ministry of Finance and Economic Development.
c) Bill tabled in Parliament.
d) Bill passed by Parliament and enacted.

Commitments

  1. Expanding community-based justice services

    SL0022, 2019, Justice

  2. Improving access to secondary school

    SL0023, 2019, Education

  3. Tax system transparency

    SL0024, 2019, Fiscal Transparency

  4. Beneficial ownership registry

    SL0025, 2019, Beneficial Ownership

  5. Improve implementation of right to access to information

    SL0026, 2019, E-Government

  6. Advancing gender equality

    SL0027, 2019, Gender

  7. Open parliament

    SL0028, 2019, Capacity Building

  8. Records and Archives Management

    SL0029, 2019, Legislation & Regulation

  9. Gender

    SL0012, 2016, Capacity Building

  10. Foriegn Aid Transparency

    SL0013, 2016, Aid

  11. Waste Management

    SL0014, 2016, Capacity Building

  12. Fiscal Transparency and Open Budget

    SL0015, 2016, E-Government

  13. Audit Report

    SL0016, 2016, Audits and Controls

  14. Climate Change

    SL0017, 2016, Capacity Building

  15. Elections

    SL0018, 2016, E-Government

  16. Record Archive Management

    SL0019, 2016, E-Government

  17. Access to Justice

    SL0020, 2016, Capacity Building

  18. Open Public Procurement Contracting

    SL0021, 2016, Anti-Corruption Institutions

  19. Publish and Revise 70% of Mining and Agricultural Lease Agreements and Contracts

    SL0009, 2014, E-Government

  20. Starred commitment Right to Access Information Law

    SL0010, 2014, Capacity Building

  21. Open Data Portal for Transparency in Fiscal and Extractive Transactions

    SL0011, 2014, E-Government

  22. Public Integrity Pact with 5 Ministries, Departments, and Agencies

    SL0001, 2014, Conflicts of Interest

  23. Archives and Records Management Act

    SL0002, 2014, E-Government

  24. Scale up Performance Management and Service Delivery Directorate

    SL0003, 2014, Public Participation

  25. Compliance with Audit Measures

    SL0004, 2014, Audits and Controls

  26. Starred commitment Single Treasure Account

    SL0005, 2014, Extractive Industries

  27. Extractive Industry Revenue Act

    SL0006, 2014, Extractive Industries

  28. Scaling up Extractive Industry Transparency Initiatives

    SL0007, 2014, Extractive Industries

  29. Local Content Policy (LCP) Linkages with MDAs

    SL0008, 2014, Capacity Building