Pursuant to Section 30 of the Bank of Sierra Leone Act 2019, the Bank of Sierra Leone issued a public notice introducing new currency notes and coins, which shall be called the New Leone. The Sierra Leone Currency Redenomination will be achieved by removing three zeros from the current currency.
The New Leone shall be in the following denominations:
| New Leone | Equivalent in Old Leone | |
| Notes | 1 | 1 000.00 |
| 2 | 2 000.00 | |
| 5 | 5 000.00 | |
| 10 | 10 000.00 | |
| 20 | 20 000.00 | |
| Coins | 1 cent | 10.00 |
| 5 cents | 50.00 | |
| 10 cents | 100.00 | |
| 25 cents | 250.00 | |
| 50 cents | 500.00 |
Section 1(3) of the Redenomination of the Leone (Characteristics) Regulation 2021 published the effective date the redenominated currency shall become legal tender as of 1st July 2022.
Additionally, the National Revenue Authority has issued a Public Notice, effective the 1st July 2022 onwards, that all returns and payments must be done in the New Leones. Click here for this notice.
Click here for the Public notice for the redenomination of the Leone.
New Tax Tables and Rates
The old annual Tax Tables:
| Lower Income limit | Upper Income limit | Income Threshold | Marginal Rate | Tax on threshold |
| 0 | 7,200,000 | 0 | 0% | 0 |
| 7,200,000 | 14,400,000 | 7,200,000 | 15% | 0 |
| 14,400,000 | 21,600,000 | 14,400,000 | 20% | 1,080,000 |
| 21,600,000 | 28,800,000 | 21,600,000 | 25% | 2,520,000 |
| 28,800,000 | Above | 28,800,000 | 30% | 4,320,000 |
The new annual Tax Tables:
| Lower Income limit | Upper Income limit | Income Threshold | Marginal Rate | Tax on threshold |
| 0 | 7,200 | 0 | 0% | 0 |
| 7,200 | 14,400 | 7,200 | 15% | 0 |
| 14,400 | 21,600 | 14,400 | 20% | 1,080 |
| 21,600 | 28,800 | 21,600 | 25% | 2,520 |
| 28,800 | Above | 28,800 | 30% | 4,320 |
Section 23(j) non-taxable portion
Old: Le500 000.00 per month or Le6 000 000.00 per annum
New: Le500.00 per month or Le6 000.00 per annum
Redundancy or termination payment tax-exempt portion
Old: Le50 000 000.00
New: Le50 000.00
Impact of the Sierra Leone Currency Redenomination on PaySpace
- Customers are urged to re-look at their payrolls and change all monetary values to be in line with the new currency as soon as possible. Once this process is completed, recalculate the company accordingly.
- The tax tables and rates have been implemented on the system effective 01 July 2022.
- This change will only be applicable to the July 2022 payroll going forward.
Should you have any questions regarding the Sierra Leone Currency Redenomination, please feel free to visit our Support page for more ways to get in touch, or email us at [email protected].
The PaySpace Team