Liberia News: Mid-Yr. Revenue Performance Fell By $17 Million

By Mark N. Mengonfia

Liberia-President is seeking   action to amend Liberia’s Consolidated Revenue Code as Amended to be known as the Liberia Tax Amendment Act of 2024.

The President’s request is informed by what he called reduction in Liberia’s mid-year revenue performance which shows serious decrease by US$ 17.3 million in revenue estimates.

In a communication to House Speaker J. Fornati Koffa, President Boakai disclosed that the decrease has resulted to a downturn in the prevailing economic conditions.

“This downturn has prompted the proposal to amend the Revenue Code of Liberia,” he maintained.

The amendment, if approved, will affect Sections on royalties on iron ore, gold, and other base metals (non-Concessional); withholding taxes on gaming winnings and betting; withholding on services rendered; among others, he told the Legislature.

“Hon. Speaker, as this amendment is crucial to offsetting the deficit in our revenue performance, I urge the Legislature to enact this amendment into law,” the President said.

Meanwhile, Plenary has forwarded the President’s communication to House’s Committee on Ways Means and Finance for its appraisal, scrutiny and technical recommendation, in consideration of the urgency attached to the request.

Plenary which is the highest decider of that august body, gave the committee 24 hours to scrutinize the request and make a report.