NRA and Commercial Banks Strengthen Partnership for Improved Tax Compliance in SL

Freetown, Sierra Leone – January 29, 2025: In an effort to foster greater collaboration and enhance the efficiency of revenue collection in Sierra Leone, the National Revenue Authority (NRA) convened a high-level dialogue session with the leadership of major commercial banks in the country. The meeting, held at the New Brookfields Hotel in Freetown, brought together top executives from the country’s leading banks to discuss the crucial role they play in supporting the NRA’s mandate of improving tax compliance and facilitating revenue generation.

The session was led by Commissioner General Jeneba J. Bangura, who expressed her appreciation for the continued partnership between the NRA and the banking sector. “Commercial banks play an invaluable role in facilitating tax collection and ensuring that the process remains efficient and transparent,” she stated in her opening remarks. The event offered an opportunity to discuss ways to deepen this collaboration and explore new methods of improving tax compliance across Sierra Leone.

Attending the meeting were representatives from top commercial banks including Rokel Commercial Bank, Union Trust Bank, Ecobank, United Bank for Africa (UBA), Access Bank, Vista Bank, Skye Bank, Bloom Bank, Commerce & Mortgage Bank, Zenith Bank, and First Bank. These institutions were recognized for their ongoing efforts in supporting the NRA’s revenue collection systems.

The dialogue covered various key topics, including the importance of system integration for seamless revenue collection, the need for swift processing and accurate recording of tax transactions, and the efficiency of transferring tax payments to the Consolidated Fund. The discussion also emphasized innovative solutions aimed at strengthening the country’s tax administration processes, ensuring more effective collection, and improving compliance.

“This partnership is vital for the continued development of Sierra Leone,” said Commissioner Bangura. “As we work to improve the revenue collection framework, it is essential that we streamline systems and make the tax-paying process as efficient as possible.”

One of the key outcomes of the session was the decision to revisit and potentially update the existing Memorandum of Understanding (MOU) between the NRA and the commercial banks. Participants agreed on the importance of formalizing their partnership further through a Service Level Agreement (SLA), which would outline shared responsibilities and expectations in revenue collection, tax compliance, and the modernization of digital platforms.

The proposed updates could include joint initiatives such as Information and Communication Technology (ICT) training programs, workshops on taxpayer education, and awareness campaigns aimed at fostering greater understanding and compliance among Sierra Leone’s taxpayers.

Additionally, discussions touched on ongoing digital tax reforms, with both parties sharing experiences and recommendations for system improvements. The NRA and the commercial banks expressed their commitment to advancing digital tax administration in Sierra Leone, which is expected to significantly improve the overall effectiveness of tax collection, making it easier for taxpayers to fulfill their obligations.

The meeting concluded with a renewed commitment to working together to enhance tax compliance and improve the efficiency of the nation’s revenue system. By strengthening the partnership between the NRA and the banking sector, the hope is to create a more robust and sustainable revenue collection framework, which is vital for supporting Sierra Leone’s long-term development goals.

This collaboration marks a significant step forward in the government’s effort to modernize the country’s tax system and ensure that revenue collection continues to play a key role in the growth and development of Sierra Leone.