As part the Government's Open Budget process, the Ministry of Finance, through the Department of Budget, has released the first midyear budget performance report which includes the Revenue and Expenditure performance in the fiscal year 2012/13 national budget.
"Revenue performance during the first half of the fiscal year has been strong. Total revenue collected at 31st December 2012 is US$246.2m, against a projection of US$228.8m. This is US$31.6m, or 15%, more than collection during the same period in FY11/12," the Ministry said in a release.
It said tax revenues are on target, with collection of US$183.94m against a projection of US$183.19m, constituting 75% of total revenue. This, it noted, represents a significant increase in tax revenues from FY11/12, where US$155.79m was collected during the same period.
The Ministry of Finance disclosed the actual tax revenue receipt is US$183m, non -tax revenue as US$29.6m, direct budget support as US$15m in and contingent revenues as US$17.5.
The Ministry says of the total amount of revenue received by Government, the Department of Revenue collected US$225m; Liberia Maritime Authority collected US$12.4m, while the remaining US$8.4m was collected by sector ministries against their ministries projected amount of US$6.8m for the reporting period.
During the reporting period, the Government of Liberia received US$5m and US$1m respectively from the National Oil Company of Liberia and the Liberia Petroleum Refining Company as installment payments against their total annual contributions to the FY12/13 National Budget.