Fiscal Regulatory Frameworks through the National Revenue Authority as an Engine of Economic Growth in Sierra Leone: An Overview
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Abstract
The study explored the fiscal regulatory frameworks through the NRA as an engine of economic growth in Sierra Leone. The study revealed that revenue mobilization is an important device for the Government of Sierra Leone (GoSL) in accomplishing its determinations for poverty reduction; delivering its Agenda for Prosperity; building up financial independence; and reaching middle income standing. It also exposed that the financial and regulatory frameworks that support NRA to perform effective revenue mobilization are based on the following regulations and laws such as: revenue laws enacted by parliament; annual budget, Finance Act, Strategic plan; the assessment of collection and accounting for all revenue collected. In addition, the use of electronical based systems, the provision of tax legislation and policy, transparency in the tax administration, modernization of custom service department, the national acts, regional treaties, other international treaties are some of the financial and regulatory frameworks that back NRA to perform effective revenue mobilization.
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Hassan Elsan Mansaray. (2022). Fiscal Regulatory Frameworks through the National Revenue Authority as an Engine of Economic Growth in Sierra Leone: An Overview. Economit Journal: Scientific Journal of Accountancy, Management and Finance, 2(2), 94-104. https://doi.org/10.33258/economit.v2i2.659
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References
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McLaren, J., ed. (2003) Institutional Elements of Tax Design. Washington: World Bank.
Mishkin, F. and Eakins S. (2012) Financial Markets and Institutions, seventh edition, Pearson Education Limited.
Mwenda K. K. (2006) Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator © 2006 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Internet: www.worldbank.org
Pfister M. (2009) Taxation for Investment and Development: An overview of policy challenges in Africa. https://www.oecd.org/investment/investmentfordevelopment/43966821.pdf
Ramirez S.A. (2000) Depoliticizing Financial Regulation William and Mary Law Review Volume 41(1999 - 2000) Issue 2 https://scholarship.law.wm.edu/cgi/viewcontent.cgi%3Farticle%3D1518%26context%
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Schooner H. and Taylor M. (2010) ‘Institutional Structures of Regulation’, in Schooner, Heidi, and Michael Taylor (eds.), Global Bank Regulation Principles and Policies, pp. 259-277, Academic Press.
Sheard, P. (1989), “The Main Bank System and Corporate Monitoring and Control in Japan,” Journal of Economic Behaviour and Organization, Vol. 11, No. 3, pp. 399-422.
Shoup, C.S. (1991) ‘Melding Architecture and Engineering: A Personal Retrospective on Designing Tax Systems’ in Lorraine. Eden, ed., Retrospectives on Public Finance. Durham, NC: Duke University Press, 1991.
Taylor M. (2013) ‘Institutional Structures of Regulation’, in Gerard Caprio (ed.), Handbook of Safeguarding Global Financial Stability, Vol. 2, pp. 473-480, Elsevier Inc.
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Williams, M. (1996) Liberalizing a Regulated Banking System: The Caribbean Case, Avebury.
Wood A. and Clement K. (2015) A Review of the Financial Regulatory Framework of Barbados. Monetaria, January-June, 2015 jel classification: G10, G18, G28.
Wood, A. (2012) ‘The Development of the Barbadian Financial System: 1966-1990,’ International Journal of Business and Social Science, Vol. 3, No. 6, pp. 61-73. https://ijbssnet.com/journals/Vol_3_No_6_Special_Issue...2012/9.pdf
Woolward C. (2013) Competition and Conduct Regulation in Financial Services, Financial Conduct Authority, London.
Aoki, M. and Patrick H. (1994), the Japanese Main Bank System, Oxford University Press, New York
Benjamin J. (2008) 'Financial Law' ISBN: 9780199282937 Oxford University Press
Bird R.M. (2007) Tax Challenges Facing Developing Countries: A Perspective from Outside the Policy Arena. https://www.ssrn.com/abstract=1393991
Diamond, D. (1984), “Financial Intermediation and Delegated Monitoring,” Review of
Economic Studies, Vol. 51, pp. 393-414.https://academic.oup.com/restud/article- abstract/51/3/393/1545858
Drzeniek-Hanouz, M., Mia I. and Herrera E. (2009), Measuring the Private Sector Competitiveness of
Selected Caricom Countries, InterAmerican Development Bank, Development Discussion Paper, No. 1.
Fjeldstad, O-H. (2005) ‘Corruption in Tax Administration: Lessons from Institutional Reforms in
Uganda,’ WP 2005:10, CMI Working Paper, Bergen.
Glavan B. and Anghel F. (2013), ‘We Are Not Macroprudentialist: A Skeptical View of Prudential Regulation to Deal with Systemic Externalities’. The Independent Review, Vol. 17, No. 3, pp. 349-368.
Jensen, M. (1988), “Takeovers: Their Causes and Consequences,” Journal of Economic Perspectives, Vol. 2, No. 21-48.
Jensen, M. (1986), “Agency Cost of Free Cash Flow, Corporate Finance and Takeovers,” American Economic Review, Vol. 76, No. 2, pp. 323-329.
Jordan J. (2015) The Effects of International Banking Regulation on Bank Financial Institutions in Barbados, The University of the West Indies, Cave Hill Campus.
Kaldor, N. (1963) ‘Will Underdeveloped Countries Learn to Tax?’ Foreign Affairs, 41: 410-19.
King R., and Levine R. (1993), “Finance, Entrepreneurship and Growth: Theory and Evidence,”
Journal of Monetary Economics, Vol. 32, No. 3, pp. 513-542. https://econpapers.repec.org/RePEc
Llewellyn D. (2004) Institutional Structure of Financial Regulation and Supervision, in Jeffrey Carmichael, Alexander Fleming and David Llewellyn (eds.), Aligning Financial Supervisory Structures with Country Needs, pp. 17-92, The World Bank, Washington.
Mayer, C. (1988), ‘New Issues in Corporate Finance,’ European Economic Review, Vol. 32, pp. 1167-1183.
McLaren, J., ed. (2003) Institutional Elements of Tax Design. Washington: World Bank.
Mishkin, F. and Eakins S. (2012) Financial Markets and Institutions, seventh edition, Pearson Education Limited.
Mwenda K. K. (2006) Legal Aspects of Financial Services Regulation and the Concept of a Unified Regulator © 2006 The International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Internet: www.worldbank.org
Pfister M. (2009) Taxation for Investment and Development: An overview of policy challenges in Africa. https://www.oecd.org/investment/investmentfordevelopment/43966821.pdf
Ramirez S.A. (2000) Depoliticizing Financial Regulation William and Mary Law Review Volume 41(1999 - 2000) Issue 2 https://scholarship.law.wm.edu/cgi/viewcontent.cgi%3Farticle%3D1518%26context%
Schoenmaker D. (2013) ‘Central Banks’ Role in Financial Stability’, in Gerard Caprio (ed.), Handbook of Safeguarding Global Financial Stability, Vol. 2, pp. 271-284, Elsevier Inc.
Schooner H. and Taylor M. (2010) ‘Institutional Structures of Regulation’, in Schooner, Heidi, and Michael Taylor (eds.), Global Bank Regulation Principles and Policies, pp. 259-277, Academic Press.
Sheard, P. (1989), “The Main Bank System and Corporate Monitoring and Control in Japan,” Journal of Economic Behaviour and Organization, Vol. 11, No. 3, pp. 399-422.
Shoup, C.S. (1991) ‘Melding Architecture and Engineering: A Personal Retrospective on Designing Tax Systems’ in Lorraine. Eden, ed., Retrospectives on Public Finance. Durham, NC: Duke University Press, 1991.
Taylor M. (2013) ‘Institutional Structures of Regulation’, in Gerard Caprio (ed.), Handbook of Safeguarding Global Financial Stability, Vol. 2, pp. 473-480, Elsevier Inc.
Warwick Commission (2009), The Warwick Commission on International Financial Reform, in Praise of Unlevel Playing Field, University of Warwick.
Williams, M. (1996) Liberalizing a Regulated Banking System: The Caribbean Case, Avebury.
Wood A. and Clement K. (2015) A Review of the Financial Regulatory Framework of Barbados. Monetaria, January-June, 2015 jel classification: G10, G18, G28.
Wood, A. (2012) ‘The Development of the Barbadian Financial System: 1966-1990,’ International Journal of Business and Social Science, Vol. 3, No. 6, pp. 61-73. https://ijbssnet.com/journals/Vol_3_No_6_Special_Issue...2012/9.pdf
Woolward C. (2013) Competition and Conduct Regulation in Financial Services, Financial Conduct Authority, London.