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Influence of Dollar against Leone is a mess says Hon Hassan Sheriff

17,Jun 2016
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Member of Parliament for Constituency 053 Hon. Hassan B. Sheriff in Port-Loko district who also doubles as Chairman on Finance and Economic Development has said that the influence of Dollar against the Leone is a total mess.

Chairman Hon. Hassan B. Sheriff said this wards during a Parliamentary summoned meeting of the Bank Governor of Sierra Leone Hon. Dr. Kelfala Marrah on Thursday 2nd June 2016, at Committee Room (1) Parliament Building OAU Drive Tower Hill, in Freetown.

 

Hon. Hassan Sheriff inform that they decided to summoned the Bank Governor as part of their ongoing mandates with efforts to reaffirming and implementing their Oversight functions and activities adding that as Members of Parliament (MP’s) gears towards monitor, supervise, all progress of national development including local and foreign institutional development towards the socio-economic development of the country.

He retreated by requesting from the Bank Governor to provide with Members of Parliament with development of long and short term progress reports plan and amongst others in order for them to better understand the security of the country’s legal tender of the status of the Leone against the dollar in the country.

He further demand through the Bank Governor to better explain to MP’s as why the Bank of Sierra Leone BSL and other financial banking institutions are insisting that individual wishes to transfer their currencies out of the country and pay in dollars to other banks instead of accepting the Leone that is equivalent which is the Leone.

Hon. Sheriff further expressed his dissatisfaction as to why the central bank failed to properly regulate the exchange rate for the day to day mining of businesses in the country noting that the black market as well as the street dollars and banking institutions rate items of foreign currency exchange are so enormous without proper measures put in place for a holistic approach for national development adding that they are also demand further details about the courses of the rapid rise of the dollar in the country.

Having taken into consideration the inflows of new banks in the country also eager to know about which system had been put in place to regulate the establishment and operations of those various banking institutions in the country.

Hon. Komba E. Koedoyoma of Constituency 027 in Kono District, Hon. Claude D.M. Kamanda of Constituency 095 in the Western Rural District, including Clerk of Parliament Ibrahim Sesay, and a number of contributors have also been taken place in order to raise more significant impacts and awareness rising including Hon. Dickson M. Rogers of Constituency 89 in Pujehun District, Hon. Helen Kuyembeh of Constituency 075 in Bo District, Hon. Mabinty H. Bangura of Constituency 042 in Kambia District, Hon. Rosaline J. Smith of Constituency 103 in the Western Urban Area and Hon. Dr. Foday Suma of Constituency 040 amongst several others were responded by the Bank governor Dr. Kelfala Marrah of their concerns and comments respectively.

Continuation of Hon. Hassan B. Sheriff noted as MP’s for any alteration of taxes is the responsibility of Parliament for the imposition of new tax for which the deem fit to discuss and ratify such a bill.

He said the finance Act, 2016 is also required of them as MP’s to critically pay great attention with the optimism that the bill should have table before them now that he strongly believed if passes the bill with collective effort will increase more money for government to covers it multi furious challenges and to increase revenue mobilization as the country had skip two good months as he appeal to colleagues MP’s.

Hon Hassan Sheriff also stated that since few thing will be amended as tax saves were interest on tax banking to be excluded in reductions, the reduction of tax savings that all duty tax payers must be used printed tax receipt to the National Revenue Authority NRA on which penalty had been increased to five million comparing a population of such issued wit tax receipt.

He said that should also be continued to ensure that the country’s laws are implemented to the best and it fullest with great compliance passed by parliament.

He expressed his optimum disappointment as most time when conducting inspections to petty traders including hole salaries and retails did not comply with the laws passed into law and urged as MP’s to ensure as a point of duty to collaborate and work with NRA as well as the Ministry of Finance to be fully implemented.

According to him supported the five million as penalty imposed as section forty (40) of the bill seriously needs to be address and pay great attention for a tax credit for and within tax level adding that the issue of discrimination most not considered especially items of qualification and experience with the matrix of cooperation other than any other company as required to pay taxes equally to any other person in the work force adding that for women not to pay tax by promoting them to work force especially at a time when the country mostly needed money. He pointed out that since there has been requested by women for 50/50 whereby when it comes to taxation did not want to comply adding that everyone is important and equal before the law and everyone most pay their tax as section (40) must be included.

He also stated that the tax revenue generation also seek to promote women as the objectives is gears towards increase revenue generation that will able to raised more funds for government to be able to developed and expend judiciously with the minimum tax risk as he described the bill as unique for the development and progress of the country.

He also noted that the bill is as reasonable one especially those with job opportunity to be able to pay five percent for the development of revenue generation in order to meet with our revenue financial challenges and expenditure programs and urged the need for it effect in January this year especially for them as MP’s to be as an exemplary.

Deputy Speaker of Parliament Hon. Chernor R.M. Bah intimated by instructed Hon. Hassan B. Sheriff on point to advised himself even though according to Hon. Sheriff noted that the bill may have tabled before them in December 2015.

He added that as the peoples representatives he said the bill will not only affecting them as Members of Parliament (MP’s) but will also be affecting each and every work force in the country as questioned to be advised himself by the Speaker but also urged the House to critically pay great attention into the bill and the NRA for them and the people of the country for a better  nation as well as awaiting for further expansion at the Committee stage noting that as a government had loosing huge amount of money for the bill to be effected.

He further retreated that the current pump price that been reduce in the world market has yet effect in the country adding that government is also losing a lot of money through subsides provided by the ministry of finance course by the pump price.

He said several concerns have been raised by the general public expressing his disappointment with the expectation that the petroleum unit should properly educated the public on the current situation on the pump price including newspapers, Television and some other forms that the current price paid for fuel is a reduce price.

He said if further reduce the current price on fuel will bring a huge loose to government and that if reduce will bring a huge difficulty by the Ministry of Finance to meet its financial obligations.

He said this were observed for the past two months as there were other anticipation on the increment of salaries to public officials including Parliamentarians, Ministries, and amongst others depending as MP’s to do what is required of them to support the bill that gear towards revenue generation demanding through the Minister to provide with them a rough skate on the revenue generation on the Finance bill.

He added that the Minister is also expected to better understand the amount of revenue expected from a particular commodity tax on each and the rate at which it will actualized for a practical terms as well as what the country also stand to lose that will also expected to complement those loose from other areas from years after year as some changes have been made adding that no alteration have ever been made without the approval of Parliament.

He further disclosed that the Sierra Leone Airport Authority SLAA was recently imposed taxes measures at the Airport without their consent as no alteration to be done without the attention of Parliament adding that it is a contempt of Parliament for any MDA’s to do such an act without pre-knowledge approval of Parliament on those the 1991 Sierra Leone Constitution noting that since the bill to increase and not to reduce therefore it is good for the progress and development of the country.

In his contribution Hon. Alhaji Seray Dumbya for Constituency 049 in Port-Loko District noted that the bill is also seeks to enhance and promote the standard of living of it citizens that they need and deserved.

He said His Excellency the President Dr. Ernest Bai Koroma do not asked the International community to provide them with hand out but is asking it people to be giving the opportunity as a nation as the bill is a right step towards the right direction.

He said as a government is taking the bold step for their obstacles along the path with the confidence and compassion he had for it people with their effort as MP’s will sholy overcome added that the bill also gears towards stimulate the economy of the country and to provide revenue generation.

He pointed out that there should be no discrimatory to pay tax which is gears towards promoting economic development as no developed country without tax including the United States which they have one of the best economy and went further to encourage Members of Parliament as well as other managerial position to pay their tax for the development of the country.

 

Hon. Alhaji also demand a progress report by the minister to better help them as MP’s in undertaking their Oversight functions in monitoring and supervising progress report of payment of taxes as well as the disbursement of budget allocation into various MDA’s.

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