Sierra Leone, 15 October 2023 – In response to the newly enacted Finance Act of 2023, the prominent mobile money providers in Sierra Leone, Orange and Africell, have officially announced the implementation of a 15% Goods and Services Tax (GST) on all their financial services.
The introduction of GST marks a significant change in the fee structure for users of mobile money services. Effective immediately, all charges and fees, previously unaffected by taxation, will now include the newly imposed 15% GST.
Africell Cash Out Charges with GST
- For 100: Old Charge: 3.05, New Charge with 15% GST: 3.51
- For 500: Old Charge: 11, New Charge with 15% GST: 12.65
- For 1000: Old Charge: 20, New Charge with 15% GST: 23
- For 2000: Old Charge: 35, New Charge with 15% GST: 40.25
Orange Mobile Money Charges with GST
- For 100: Old Charge: 3.05, New Charge with 15% GST: 3.51
- For 500: Old Charge: 11.5, New Charge with 15% GST: 13.23
- For 1000: Old Charge: 26.1, New Charge with 15% GST: 30.02
- For 2000: Old Charge: 43.5, New Charge with 15% GST: 50.03
It’s essential to note that the 15% GST is applied to the transaction fees and not on the cashout amount itself. This change will impact individuals who frequently utilize mobile money services for their financial transactions, and it’s part of Sierra Leone’s efforts to align with the updated tax regulations.
We would use our bank account and accept a little delay to withdraw from our banks wickedness never end in human era