By Kadijatu Bangura, Daily Scope Reporter
On Wednesday, Finance Minister Ahmed Sheku Fantamadi Bangura introduced the 2026 Finance Bill before the House of Parliament, aiming to generate an additional NLe 2.85 billion, which represents approximately 1.5% of the country’s GDP.
In his presentation, Minister Bangura emphasized that the proposed measures are crucial for enhancing tax efficiency and compliance, which he termed essential for alleviating fiscal pressures and promoting sustainable development. He warned that a failure to deliver basic services erodes public trust, weakens institutions, and hampers economic growth.
To tackle these challenges, the Finance Bill 2026 outlines reforms designed to enhance administrative efficiency, improve enforcement, support private-sector growth, and address ongoing issues of poverty and inequality. Key proposals include:
- Zero import duty on LPG gas, cooking stoves, solar panels, and related home-system components.
- Increased excise duties on tobacco and tobacco-related products.
- Restoration of excise duty on cement (NLe 10 per 50kg bag), which had been suspended due to global economic challenges and the COVID-19 pandemic.
- Extension of excise stamp requirements to cover both imported and locally produced cement, sugar, fertilizer, and cooking oil.
- Expansion of the annual circulation levy on vehicles during importation and registration.
- Higher demurrage charges and reduced storage-free periods at ports, alongside enhanced digital taxation provisions.
During the extensive debate that followed, Members of Parliament from both the ruling and opposition parties underscored the necessity for more effective tax administration as the government seeks to amplify domestic revenue. While they acknowledged the importance of the proposed measures, MPs called for stronger public financial management, efforts to combat corruption, and improved service delivery to ensure that the reforms benefit the nation’s most vulnerable citizens.
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