By Matik Kueth
South Sudan’s Revenue Authority (SSRA) has incorporated the Financial Act for the fiscal year 2024/2025, according to Simon Akuei, Commissioner General for the SSRA. Akuei made this announcement on Monday at a one-day workshop held in Juba that focused on comprehending and operationalizing the new legislation.
He noted that the system had formally changed to conform to the Act’s provisions and expressed excitement about the improvements made by the new Financial Act.
“I would like to announce to you all here that today, on the 2nd of December 2024, by midnight last night, the system has changed, incorporating the new financial act,” Akuei said.
Akuei underlined that the rate in line with the official Central Bank rate, which is currently the standard for all government financial operations, will take the place of the prior rate, which was established at 300.
The new SSRA law is firmly based on the official currency rate set by the Central Bank of South Sudan.
He stated that the modifications being made are consistent with the Central Bank’s policies and current rules.
“We aren’t coming up with anything that doesn’t exist. We have our bill anchored in provisions according to Central Bank rates, this is what’s being implemented today,” he stated.
The SSRA commissioner underscored that the modifications are meant to fortify the nation’s financial system and offer a more secure foundation for government dealings.
He also pointed out that, “when assessed in terms of dollar value, the changes had not altered the exchange rate itself but had only impacted the inflation rate.”
Lejukole Noel, Representative from the Department of Legal Services and Board Affairs of the SSRA, outlined some of the key reforms introduced by the new financial act.
According to him, the Financial Act brings critical updates to several areas, including Customs Merchandise Conversion Rates, Personal Income Tax, Business Profit Tax, Excise Duty, and Customs Levies.
Clearer procedures and more effective methods for tax collection and management in South Sudan are anticipated as a result of these reforms.
On November 25, 2024, President Kiir signed the Financial Act into law, marking a significant step in the government’s efforts to modernize the country’s financial and tax systems.
The reforms aim to improve revenue generation, enhance transparency, and contribute to the country’s overall economic stability.
South Sudan’s initiatives to increase domestic tax collection, lessen reliance on foreign aid, and create the groundwork for future sustainable economic growth is the country’s shift to the new financial framework.