Income tax in Sierra Leone

July 03, 2015

INDIVIDUAL TAXATION

Residents are taxed on their worldwide income. Married couples are taxed separately.

INCOME TAX

Residents are taxed on their worldwide income at progressive rates.

INCOME TAX 2014

TAXABLE INCOME, SLL (US$)
TAX RATE
Up to 3,600,000 (US$868) 0%
3,600,000 - 7,200,000 (US$1,735) 15%
7,200,000 - 10,800,000 (US$2,602) 20%
Over 10,800,000 (US$2,602) 30%
Source: Global Property Guide

INCOME TAX 2013

TAXABLE INCOME, SLL (US$)
TAX RATE
Up to 1,800,000 (US$434) 0%
1,800,000 - 5,400,000 (US$1,301) 15%
5,400,000 - 9,000,000 (US$2,169) 20%
Over 9,000,000 (US$2,169) 30%
Source: Global Property Guide

RENTAL INCOME
Rental income earned by residents is taxed at a special flat rate of 10%.

CAPITAL GAINS
Capital gains derived from selling a business or investment asset are treated as ordinary income and taxed at the standard income tax rate.

Capital gains derived from the disposal of other assets are not subject to taxation.


PROPERTY TAXATION

CORPORATE TAXATION

INCOME TAX

Income and capital gains earned by resident companies are taxed at a flat rate of 30%. Income-generating expenses are deductible when computing for the taxable income.

RENTAL INCOME
Rental income earned by resident companies is taxed at a flat rate of 10%. Income-generating expenses are deductible when calculating taxable rental income.

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