Ninth Schedule, The Income Tax Act, 2000

MISCELLANEOUS P ROVISIONS 1. Motor Vehicle Benefit The amount to be included in employment income as a motor vehicle benefit under paragraph (a) of subsection (2) of section 23 shall be— (C + R) x P where C is twenty percent of the cost to the employer of purchasing the vehicle, or the full cost of leasing the vehicle; R is the running costs of the vehicle in the year ultimately borne by the employer; P is the proportion the employee’s non-business use of the vehicle bears to its total use in the year. 2. Redundancy and termination payment The maximum redundancy or termination payment which is to be excluded from employment income under paragraph (h) of subsection (3) of section 23 shall be Le4,000,000. 3. Interest Proportion The proportion of interest costs deductible in ascertaining chargeable income under subsection (2) of section 35 shall be eighty percent. 4. Pension and annuity deductions In the absence of actuarial tables accepted by the Commissioner, the non-taxable element of each pension or annuity receipt under subsection (3) of section 38 shall be ninety-five percent in the first year of receipt, ninety percent in the second year of receipt, reducing by five percent in each successive year of receipt until a maximum of fifty percent of the receipt is taxed as income in each year. 5. Capital allowance pool The maximum balance of a capital allowance pool which may at the end of the year of assessment be deducted from chargeable income under subsection (9) of section 39 shall be Le100,000. 6. Investment allowance The amount of investment allowance to be deducted from business income under section 40 is five percent of the cost of the relevant asset. 7. Business investment relief The maximum relevant amount of business investment relief available to an individual under section 44 is fifty percent of qualifying investments totalling not more than Le3,000,000 in any year of assessment. 8. Requirement to account on accrual basis the amount which under subsection (3) of section 48 is to trigger the requirement to account for business income on an accrual basis shall be either— a) a turnover of or exceeding Le10,000,000; or b) chargeable business income of or exceeding Le1,000,000. 9. Indexation of adjusted cost base a) the indexation of the adjusted cost base of an asset under subsections (6) and (7) of section 58 shall be computed from the first day of the month following the date of acquisition of the asset to the first day of the month following the date of disposal of the asset. b) A leone indexation table shall be published by the Commissioner based on a comparison of the value of the leone to the average value of the French franc, the German deutschemark, the Japanese yen, the United Kingdom pound sterling and the United States of America dollar, as supplied to the Commissioner by the Bank of Sierra Leone for the first day of each calendar month or first working day thereafter. c) Where each of the adjusted cost base, the disposal proceeds and any income arising from the asset during the period of ownership was in leones, the indexation shall be in accordance with the leone indexation table. d) Where any of the adjusted cost base, the disposal proceeds and any income arising from the asset during the period of ownership was in a currency other than leones, the indexation shall be the lower of the leone indexation table and the index computed by comparing each such currency to the average values computed for the leone indexation table. 10. Remission of liability The limit of remission referred to in section 112 is Le1,000,000 for each year of assessment for each taxpayer. 11. Late Appeal The fee payable on filing a late objection under paragraph (a) of subsection (7) of section 137 is Le10,000. 12. Maximum fines for prosecuted offences The maximum fines imposed under the following sections are— section 150 Le50,000 section 154 Le1,000,000 section 155 Le500,000 section 156 Le100,000 section 157 Le1,000,000 section 158 Le1,000,000 section 160 Le50,000 section 162 Le1,000,000 13. Private Ruling To: The Sheriff or Under-Sheriff a) Where a taxpayer applies for a private ruling under section 168 his application shall— i. be in writing; ii. specify that a private ruling is requested; iii. disclose completely and accurately all issues material to the ruling; iv. state the precise question on which the ruling is sought; and v. be accompanied by a fee of Le 200,000. b) The Commissioner may seek further information before issuing a ruling. 14 Tax Clearance Certificate Fee The fee to be paid under section 174 shall be— a) for a tax clearance certificate— i. in the case of a student Le200; ii. in the case of an unemployed person Le300; iii. in the case of an employee Le500; iv. in the case of an unincorporated business Le1,500; v. in the case of a company Le2,000; and vi. in any other case Le1,000. b) for a written statement for the purposes of business registration— i. in the case of a company Le4,000; and ii. in any other case Le2,000. TENTH SCHEDULE (Section 109(1)) THE INCOME TAX ACT 1999 Section 109(1) EXECUTION WARRANG OF THE COMMISSIONER OF INCOME TAX In the Office of the Commissioner of Income Tax, assessment of tax due from ............................................................................................................................ ............................................................................................................................ of........................................................................................................................ for the year(s) of assessment.............................................................................. We command you that out of the goods and chattels of.................................... ...........................................................if they are sufficient and, if not, then out of the lands, tenements, and other real estate of................................................ .....................................................................................................................you cause to be made the sum of Le......................................................................... ......................................................................................being the amount of the outstanding balance of the tax due from him for the year(s) of assessment ........................................................................................................................... ..............................................................................................................together with the sum of Le............................................................................................ being the amount of any penalty, interest and costs payable by him under the Income Tax Act and that you have the money before the Magistrate’s Court at.......... .......................................................................................................................... immediately after the execution of this warrant to be paid to the Commissioner of Income Tax. Dated this................................day of................................................................ Signed: ........................................................... Passed in Parliament this 6th day of April, in the year of our Lord two thousand. J.A. CARPENTER Clerk of Parliament. THIS P RINTED I MPRESSION has been carefully compared by me with the Bill which has passed Parliament and found by me to be a true and correctly printed copy of the said Bill. J.A. CARPENTER Clerk of Parliament.