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Sierra Leone

Extractive Industry Revenue Act (SL0006)

Overview

At-a-Glance

Action Plan: Sierra Leone Action Plan for 2014-16

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

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.


Sierra Leone's Commitments

  1. Gender

    SL0012, 2016, Capacity Building

  2. Foriegn Aid Transparency

    SL0013, 2016, Aid

  3. Waste Management

    SL0014, 2016, Capacity Building

  4. Fiscal Transparency and Open Budget

    SL0015, 2016, E-Government

  5. Audit Report

    SL0016, 2016, Audits and Controls

  6. Climate Change

    SL0017, 2016, Capacity Building

  7. Elections

    SL0018, 2016, E-Government

  8. Record Archive Management

    SL0019, 2016, E-Government

  9. Access to Justice

    SL0020, 2016, Capacity Building

  10. Open Public Procurement Contracting

    SL0021, 2016, Anti-Corruption Institutions

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

    SL0009, 2014, E-Government

  12. Starred commitment Right to Access Information Law

    SL0010, 2014, Capacity Building

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

    SL0011, 2014, E-Government

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

    SL0001, 2014, Conflicts of Interest

  15. Archives and Records Management Act

    SL0002, 2014, E-Government

  16. Scale up Performance Management and Service Delivery Directorate

    SL0003, 2014, Public Participation

  17. Compliance with Audit Measures

    SL0004, 2014, Audits and Controls

  18. Starred commitment Single Treasure Account

    SL0005, 2014, Extractive Industries

  19. Extractive Industry Revenue Act

    SL0006, 2014, Extractive Industries

  20. Scaling up Extractive Industry Transparency Initiatives

    SL0007, 2014, Extractive Industries

  21. Local Content Policy (LCP) Linkages with MDAs

    SL0008, 2014, Capacity Building