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
Anti-Corruption, Extractive Industries, Fiscal Openness, Legislation & Regulation, Legislative, Public Participation, Publication of Budget/Fiscal InformationIRM 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
Implementation i
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
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Expanding Community-Based Justice Services
SL0022, 2019, Access to Justice
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Improving Access to Secondary School
SL0023, 2019, Education
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Tax System Transparency
SL0024, 2019, Fiscal Openness
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Beneficial Ownership Registry
SL0025, 2019, Anti-Corruption
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Improve Implementation of Right to Access to Information
SL0026, 2019, Access to Information
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Advancing Gender Equality
SL0027, 2019, Access to Justice
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Open Parliament
SL0028, 2019, Capacity Building
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Records and Archives Management
SL0029, 2019, Access to Information
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Gender
SL0012, 2016, Capacity Building
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Foriegn Aid Transparency
SL0013, 2016, Access to Information
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Waste Management
SL0014, 2016, Capacity Building
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Fiscal Transparency and Open Budget
SL0015, 2016, Access to Information
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Audit Report
SL0016, 2016, Anti-Corruption
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Climate Change
SL0017, 2016, Access to Information
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Elections
SL0018, 2016, Access to Information
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Record Archive Management
SL0019, 2016, Access to Information
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Access to Justice
SL0020, 2016, Access to Justice
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Open Public Procurement Contracting
SL0021, 2016, Anti-Corruption
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Publish and Revise 70% of Mining and Agricultural Lease Agreements and Contracts
SL0009, 2014, Access to Information
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Right to Access Information Law
SL0010, 2014, Access to Information
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Open Data Portal for Transparency in Fiscal and Extractive Transactions
SL0011, 2014, Access to Information
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Public Integrity Pact with 5 Ministries, Departments, and Agencies
SL0001, 2014, Anti-Corruption
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Archives and Records Management Act
SL0002, 2014, Access to Information
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Scale up Performance Management and Service Delivery Directorate
SL0003, 2014, Public Participation
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Compliance with Audit Measures
SL0004, 2014, Anti-Corruption
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Single Treasure Account
SL0005, 2014, Anti-Corruption
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Extractive Industry Revenue Act
SL0006, 2014, Anti-Corruption
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Scaling up Extractive Industry Transparency Initiatives
SL0007, 2014, Anti-Corruption
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Local Content Policy (LCP) Linkages with MDAs
SL0008, 2014, Capacity Building
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