On the re-opening of SLPP Office … “We would never encourage violence” John Benjamin...

Sierra Leone Business: NRA’s target for 2019 is Le5.5 trillion

The National Revenue Authority is targeting Le5.5 trillion for 2019 as against their set target of Le4.3 trillion in 2018 of which they were able to reach Le4.205 trillion as against 31st December. The Domestic Tax Department (DTD) collected 59%, Customs 23% and non-tax revenue 18%. Compared to 2017, NRA’s collection in 2018 was at least one trillion Leones higher than the previous year, representing a 31% increase. This increase NRA Commissioner General Samuel Jibao said is significantly higher than the average 2018 annual inflation rate of 18%. In his analysis of the 2017 and 2018 revenue collection drive, CG Jibao stated that according to the figures, if you take the five quarters from 2017 to 2018, it shows that revenue collection was fluctuating from Le783 billion, Le828 billion, Le722 billion, Le864 billion and Le893 billion respectively. “Throughout 2017 and up to the first quarter of 2018, there is no quarter in which they were able to get up to Le900 billion. But when this government took over in April, revenue collection increased to one trillion Leones and their average has been around Le800 billion and we have proved that quarterly collection could be above one trillion” he boasted. Between quarter one (Le893,883 billion) and two (Le1,059,440 billion) of 2018, the difference was Le165 billion (Le165,557 billion) which he attributed to the revenue drive. This difference he continued, passed that revenue shortfall, “if they should have had one trillion in the first quarter we should have surpassed our target” he said. In December, the NRA collected Le416 billion which did not include government PAYE and this amount he says is lower than the actual collection as they are still doing cross debt analysis with the Ministry of Finance, “even without reconciling the said outstanding, we are still over one trillion in the previous year and at the end we have a + or – 5% error margin which is acceptable” he said.

By Zainab Iyamide Joaque

Monday January 14, 2019.

Comments are closed.