19 March 2008
The Ministry of Finance has announced penalties for business houses that fail to file income tax return by March 31. A Finance Ministry release said penalties for late filing, late payment and interest rate will be imposed on business houses operating in the country consisting with the Revenue Code of Liberia, Act 2000.
According to Section 51, 52 and 11 of the revenue of Liberia, business houses shall be fined for late filing, late payment of income tax and interest rate.
A release signed by Deputy Finance Minister for Revenue, Elfrieda Stewart Tamba and Acting Finance Minister, M. Tarnue Mawolo reminder taxpayers of the need to comply with filing of their annual business income return in keeping with Section 902 of the revenue Code of Liberia.
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