A Midyear Budget Performance Report released by the Ministry of Finance says Government revenue collection has risen by 15%.
"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" a press release issued Sunday by the MOF's Media Services quoted its Director Sidiki Twarally as saying.
The GOL said its Tax revenues are on target, revealing a collection of US$183.94m against a projection of US$183.19m, a figure which constitutes 75% of total revenue.
"This represents a significant increase in tax revenues from FY11/12, where US$155.79m was collected during the same period" the release pointed out.
In addition to increase in the collection of tax revenue, the Ministry of Finance disclosed that 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.
Of the total amount of revenue received by Government, the Ministry of Finance also disclosed that 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" the MOF dispatch indicated. Meanwhile, the Ministry of Finance says it has disbursed out of the US$672m annual appropriation the sum of US$224.4m to eleven Medium Term Expenditure Framework (MTEF) sectors for the same reporting period of July-December 31, 2012.