For Export & Trade in Timber…   NRA Invokes Section 5 of 2021 Finance Act

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National Revenue Authority (NRA).jpg

By Amin Kef Sesay

In a Press Release, dated the 9th May, 2022 from the Legal & Corporate Services Department of the National Revenue Authority (NRA), meant for public consumption, it was categorically stated that the legal structures for the export of timber and timber related products are enshrined in Section 5 of the Finance Act 2021.

It continues that also enshrined is that all Timber trade across the different Border Crossing Points is expected to adhere to the provisions stated in the 2021 Finance Act.

Further, highlighted  is that Exporters of Timber Log, Timber and Timber products should pay the sum of $3,000 per 33.2 Cubic Metres before exporting timber log, timber and timber products excluding furniture, edge glue boards, plywood, and wooden transmission pole.

The NRA additionally stated that under the current arrangement, all trailer vehicles loaded with timber, using all official Border Crossing Points including land borders will with immediate effect be charged the sum of $ 3,000 per Truck equivalent to 20ft Container and the sum of $6000 for a Trailer equivalent to a 40ft Container.

According to the release, any company, business, or person(s) who attempts to export timber out of Sierra Leone by either land or sea without necessary recourse to the provisions of Section 5 of the Finance Act of 2021, commits an offence of tax evasion which is punishable under the tax laws of Sierra Leone.

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