The Chairperson of the South Sudan Revenue Authority (SSRA), Simon Akuei Deng, has urged the local and international businesses in the country to comply with the new Financial Act 2024 – 2025.
Deng said during the Quality Chamber Awards 2024 over the weekend that the new Financial Act would come into effect on December 2, without increase in the charges on essential items.
“We have a new law. That was signed on November 25, 2024 by the President. The New Finance Act is already operational, but we have not implemented it. I have issued a circular and I want to inform you, the Act is there with no increments,” he said.
“The dollar charges have not been increased, except on the non-essential items that if you don’t consume you cannot die. If you do not smoke, you can still live, right? If you don’t drink alcohol, you can still live, is that correct?”
Deng clarified that the only changes in the new act were the exchange rates, where you pay more South Sudanese pounds compared to the US dollars.
He further called on the private sector to support the government in financing the budget by paying taxes.
“We need your support as the private sector because there is no country that is run without a strong private sector. There must be civil servants, and there must be private sector. All this encompasses a country that we call South Sudan today,” he said.
The Chairperson of the Central Equatoria State Chamber of Commerce, Robert Pitia, called on the government to create a conductive environment for business, as high tax rates risked driving investments from the country.
“My message to our government is to create a conducive environment to encourage local and foreign business. A higher tax rate will discourage local and foreign investments and oppress the current business,” he said.
The Second Deputy Governor of the Central Bank of South Sudan, Gan Samuel Bwogo, stated that despites the challenges, the private sector businesses were contributing greatly to the economy.
“I am impressed and amazed that the business in this country was going on, and contributing to the economy. Some years back, I attended a program in China called South-South Stock, and there was a lady who narrated how China had achieved in 13 years, what some countries achieved it in 100 years. And I said, South Sudan can do this one day,” Samuel said.