Payment of Corporate and Trade/Profit Quarterly Installments

The National Revenue Authority (NRA) wishes to remind its valued taxpayers, consultants and the general public that the first installment payments for Corporate/Trade Taxes were due on March 15th, 2016.

Corporate and Trade/Profit Taxes are levied on the income of companies and on individuals or partnerships engaged in trade, business, profession or vocation. They are payable provisionally at the end of each quarter of the accounting year and final payments are made 120 days after the end of the accounting year upon filing of annual returns.

Provisional payments should be made on the following due dates:

1st Quarter Installment        15th March

2nd Quarter Installment       15th June

3rd Quarter Installment        15th Sept

4th Quarter Installment         15th Dec

Taxpayers and the general public are therefore advised to honour their tax obligations fully as late payment attracts interest and penalty of up to 25%. Failure to comply will also result in the following actions:

  • Closure of businesses
  • Confiscation of goods and assets
  • Public auction of goods and assets
  • Third party recovery
  • Prevention from clearing goods through the ports
  • Non-issuance of Tax Clearance Certificate to facilitate business transactions
  • Prevention from travelling in and out of Sierra Leone
  • Litigation/court action
  • Imprisonment