AWARENESS TIMES
Sierra Leone News & Information

State House | Press Union | Lumley Beach | AllAfrica | SL-Web

www.awarenesstimes.com

  Giving Knowledge to the People
welcome to sierra leone's premier news source
Last Updated: Jul 3rd, 2015 - 20:35:52 
Front Page 
 
 NEWS
 Breaking News
 Local News
 Politics
 Photo News
 Video News
 
 EDITORIALS
 
 FROM OUR TEAM
 
 COMMENTS & OPINIONS
 Moiie's Column
 
 SPECIAL REPORTS
 Afsatu Kabba
 
 FEATURES
 
 ENTERTAINMENT
 
 PROFILES
 Role Models
 Awareness Lady
 Common Man
 
 THE ECONOMY
 
 NOTICES & DOCUMENTS
 Special Messages
 Legal Matters
 Obituaries
 
 PAID SUPPLEMENTS
 
 ADVERTISEMENTS
 
 SATIRE
Search


Published online by
Sylvia Blyden Dot Com

17 Garrison Street,
Freetown,
Sierra Leone.
Tel: +232-77-772001
Tel: +232-88-321000
Tel: +232-76-350077
Tel: +232-30-321001
Email:
editor@news.sl
Website:
www.awarenesstimes.com

NOTICES & DOCUMENTS  

Government of Sierra Leone Ministry of Trade & Industry
By
Jun 10, 2009, 17:06
Email this article
 Printer friendly page

Government of Sierra Leone Ministry of
Trade & Industry

NEWS RELEASE:
"Bizness dey cam begin swit na Salone"

Key Business Legislation Enacted

- Government Making Strides to Improving Sierra Leone’s Business Climate -

Freetown, 4 June 2009 – The Government of Sierra Leone today completed the enactment of key business legislations: the Companies Act, the Bankruptcy Act, the Payment Systems Act, and the Goods and Services Act in a bid to boost the business climate in the country.

The new Companies Act is an update from the original Act (passed in 1960) and brings Sierra Leone in line with international company legislation standards.

The Bankruptcy Act, new to Sierra Leone, makes it easier for individuals to declare bankruptcy and close a business. (Provisions for the closure (winding up) of companies are located in the Companies Act.)

The Payment Systems Act ensures payments are done properly and electronically and in line with ECOWAS monetary policies (WAMZ). It also creates further business opportunities for telecoms operators and payment service providers as all banks will be required to connect electronically to the system.

The Goods and Services Act provides the framework for the implementation and operation of the Goods and Services Tax (GST), a value added tax on the domestic consumption of goods and/or services (not exports), paid as a percentage of their monetary value at the time they are sold. GST will replace a number of existing indirect taxes and as a result, increase the efficiency and cost effectiveness of Sierra Leone’s taxation system.

The enactment of these laws underlines government’s commitment to improving the investment climate in the country. Many areas of business reform require legislative change. As a result, a pre-legislation workshop was held with Parliamentarians earlier this month in a bid to fast-track some of the laws. The workshop was co-funded by the Government of Sierra Leone, development partners and the private sector, including the Ministry of Trade & Industry, the Bank of Sierra Leone, the Sierra Leone Bankers’ Association, NATCOM, the Sierra Leone Business Forum and the International Finance Corporation (IFC).

The effort was pioneered by the Reform Legislation Committee (RLC), a sub-committee established by the Government’s Doing Business Reform Committee (DBRC) which comprises of the heads of various MDAs: Ministry of Trade and Industry (Chair), Ministry of Justice, Ministry of Finance, Ministry of Lands, Ministry of Labour, Central Bank, National Revenue Authority, NASSIT, Office of the Administrator and Registrar General, State House (Private Sector Adviser) and the Government Printing Department.

The new laws will not only have an immediate effect on the current operational landscape of the private sector, but also increase investor confidence in the country. The enactment is also timely for Sierra Leone’s contribution to the IFC/World Bank’s annual Doing Business survey which ranks economies around the world on the ease of doing business. Last year, Sierra Leone ranked 156 out of 181 economies. The rankings are published annually in September and the government is hoping for a marked improvement this year.

###

For more information contact:
Lansana Bayoh Sesay
Public Relations Officer
Ministry of Trade & Industry
(+23276) 637 315

Millicent Hamilton-Hazeley
Doing Business Coordinator
(+23276) 912 823


© Copyright by Awareness Times Newspaper in Freetown, Sierra Leone.

Top of Page

Latest Headlines
NEWS
Sierra Leone News: 75% of President’s Appointments Last Night were Women!
UN Hosts Ebola Recovery Confab Next Week
Sierra Leone News : Health Alert Trains CSOs on Post Ebola Monitoring
EDITORIALS
Sierra Leone: Ernest Koroma Will Leave a Strong IMC
Sierra Leone: Halloway Saga - Can Anti Corruption Commission help Bar Association?
Sierra Leone: Reputation Ball is in Koroma’s Court!
FROM OUR TEAM
APOLOGY FOR DELAY IN WEBSITE NEWS UPDATES
Rogue Judiciary Catalysed Civil War - Sierra Leone Citizens
Sierra Leone News: Awareness Times Newspaper is back after Holiday Break
COMMENTS & OPINIONS
Uselessness of former IMC now shines so bright
Why now? Something to think about in Sierra Leone
Why Sierra Leone Football is no longer thrilling & Stadiums are empty: Part 1
SPECIAL REPORTS
Quotable Quote: Koroma on Ebola Restrictions
Exposing Unjustness of Insinuation by Oswald Ernest Hanciles
Sierra Leone News: Chernoh Bah, his Expired Goods & Junks Container!
FEATURES
MFWA: JOURNALISM ETHICS: Increasing Incidents of Unprofessional Media Conduct Worrying
Sierra Leone has Government with National Character as APC Disarms SLPP Political Weapon
Sierra Leone: A Survivor’s Mission to ‘Revenge’ on Ebola
ENTERTAINMENT
ALONZO : TALK ABOUT SALONE
PROFILES
Sierra Leone Politics : Alhaji Osman Foday Yansaneh, a Muslim Steering an all-inclusive APC Secretariat
TRIBUTE TO DR. V R WILLOUGHBY
A Tribute to My Golden Lady - Cillaty Daboh on his Mum
THE ECONOMY
Sierra Leone Investment: Hon. Turay Cajoles UNESCO Investors
NOTICES & DOCUMENTS
Sierra Leone Laws: Taking Emmanuel Saffa Abdulai out of his Ignorance of the Law
In loving memory of our dear Mother, Rtd. Police Inspector Sylvia Oladuni Talleh
Ambassador to Kuwait on Recruitment of Sierra Leonean House Maids
PAID SUPPLEMENTS
Sierra Leone Health Ministry Hails International Insurance Company
Sierra Rutile in Advertorial on its activities
ADVERTISEMENTS
EBOLA Breaking ‘NEWS’ - Do you seek good for Kenema & Kailahun?
SATIRE
SPECIAL POEM : A Tale of 2 Women
SLPP, be Grateful to Lt. Maada Bio

Copyright © 2005 - 2010, Awareness Times Sierra Leone; All Rights Reserved.
Hosted & Designed by West Africa Dot Net