Section 13, The Finance Act, 2013

The Income Tax Act, 2000 is amended by the insertion ofthe following new section immediately after section 61– 61A (1) Subject to subsection(3), a person who accrues or derives a capital gain from the realisation of a chargeable asset, shall within thirty days after the realization, submit to the Commissioner-General a return in writing together with payment of the capital gains tax containing the following information– (a) the description and location of the chargeable asset; (b) the cost base of the asset immediately prior to the realization and how that cost base is calculated with supporting evidence approved by the Commissioner-General; (c) the consideration received by that person from the realization with supporting documentation approved by the Commissioner-General; “Exemption from capital gain of Act. No 8 of 2000. “Filing of returns and payment of capital gains tax. No. 3 Finance Act 2013 No. 3 Finance Act 201316 17 (d) the amount of any capital gain and tax payable with respect to that capital gain and the related tax; (e) the full name and address of the new owner of the asset; and (f) any other information as required by the Commissioner-General in order to ascertain the accuracy and completeness of the transaction. (2) A person who brings into or received in Sierra Leone a capital gain shall within thirty days, submit to the Commissioner-General a return in writing containing the following information– (a) the amount of the capital gain brought into or received in Sierra Leone and tax payable with respect to that amount; and (b) any other information as required by the Commissioner-General. (3) Where a person is required to file a capital gains tax return under whatever circumstances, that person shall remit to the Commissioner- General the amount of tax calculated as payable and the payment of tax shall be due at the time of disposal.”