Section 7: The Schedule to the Customs Tariff Act, 1978, being the

External Tariff of the Republic of Sierra Leone, is amended :– (i) by numbering the existing entries as “PART I” and inserting the following as “PART II”. “(a) for onions under H.S. Code 0703.10.00, the duty is 15%; (b) for potatoes under H.S. Code 0701.90.00, the duty is 15%; (c) for tomato paste under H. S. Code 2002.90.10, the duty is 10%; (d) for cooking oil under H. S. Code 1515, the duty is 10%; (e) for powdered milk/baby food under H.S. Code 0402.21.21, the duty is 10%; (f) for toilet soap under H. S. Code 3401.11.10, the duty is 15%; (g) for wheel barrow under H. S. Code 8716.80.90, the duty is 10%; (h) for batteries under H. S. Code 8506.11.00, the duty is 10%; (i) for cellotapes under H. S. Code 4823.11.00, the duty is 10%; (j) for cotton buds under H. S. Code 3005.90.00, the duty is 15%; (k) for textile under H. S. Code 6105.90.00/ 6106.90.00, the duty is 10%; (l) for iron rods under H. S. Code 7215.90, the duty is 10%; “4. If the holder of a small-scale mining licence or a large-scale mining licence does not maintain audited accounts pursuant to subsection (3) of section 69, then the licence holder shall pay a minimum income tax of three percent of turnover.”. (vii) in paragraph 5, insert immediately after the word “assessment.” appearing at the end thereof, the following:- “Accumulated losses can be carried forward up to a maximum of ten years from the date of commencement of commercial production”. (viii) Paragraph 6 is deleted and replaced by the following:– “6. Where a deduction for head office expenses exceeds one-half percent of sales, any excess of such expense shall be treated as a dividend under section 85. 7. Where a deduction for interest payable on loans is prohibited because the total debt of the paying company exceeds three times the total equity and where interest payments exceed fifty percent of income before capital allowances, any amount disallowed shall be treated as a dividend under section 85”. (ix) insert a new paragraph 8 as follows:- “8. Costs associated with reclamation, rehabilitation and mine closure or payments made towards providing financial surety for environmental liabilities will be fully deductible in the year in which they were incurred”. (x) insert a new paragraph 9 as follows:– “9. The Minister responsible for mineral resources shall advise the Commissioner-General of– (a) any “appropriate price” determined and the circumstances of that determination; (b) when a holder of mineral rights is permitted to deduct expenditures incurred on an exploration licence from income attributed from a large-scale mining licence; 8 9 of Schedule to Act No. 16 of 1978.