By R. Joyclyn Wea
The Liberian Government risks losing US$31m road fund as of August this year if the government through the Liberia Revenue Authority (LRA) do not work hard to collect this projected amount.
The Liberia Revenue Authority (LRA) is clothed with the authority to mobilize and collect lawful revenue in the country to ensure that projections made by government within the national budget are realized.
Providing updates on the LRA revenue performance on Thursday, August 9, 2018 at the Ministry of Information Cultural Affairs and Tourism (MICAT), LRA Acting Commissioner General, Decontee King Sackie said the commission is optimistic to collect the US$31million dollars being forecasted in this fiscal year.
Similarly, she emphasized that because of this amount, they at the level of the LRA have forecasted US$4.43 million to be collected in August this year.
This financial expert is of the conviction that the government of Liberia is likely to lose if the relevant authority responsible to generate revenue in the country (LRA) failed to step up to the plate by going one step forward.
Madam King Sackie indicated that the revenue in 2017/2018 did not obtain the expected target, something she blames on legal challenge that impacted the projection that the government anticipated.
The Acting Commissioner General further clarified that the legal impact has been resolved and that they are optimistic the revenue for this year and last year road fund would be collected.
Acting Commissioner Sackie stated that there are projections within the budget that are heavily depended on certain legislative instruments that has to do with the passage of the draft tax Bill currently before the national legislature and hope said instrument would be passed to ensure that those projections are achieved.
“There is one challenge that we have and we think it would be fair for us to note; there are projections within the budget that are depended on the package of certain legislative instruments and those instruments are presently at the legislature which specifically had to do with the draft tax Bill and we are optimistic that working with the legislature said Bill would be passed so that we can ensure the projections are realized.”
Meanwhile, as part of massive effort by the LRA and partners to transform the revenue administration in Liberia through the collection and payment of taxes, the authority has instituted new measures to ensure easier and affordable for taxpayers in the country for the purpose of achieving government developmental objectives.
The overall purpose of the e-filling (electronic filling) application is to provide convenience to all taxpayers to file and pay their taxes expediently online.
The first phase of the platform was launched in March of this year only for filling of annual corporate income taxes, while the soft launch for all tax payment took place on June 29, 2018.
With the final launched held on July 27, the electronic platform will now support the filling and payment of domestic taxes including
Annual business income tax, quarterly turnover tax, goods and services tax, excise tax, property tax as well as all withholding taxes.