21 September 2017

Liberia: 'Liberia's Economy Under Threat'

The Commissioner General of the Liberia Revenue Authority (LRA) has told an ongoing seminar to address challenges in tax administration, that Liberia's economy is under serious security threat and requires attention.

Madam Elfrieda Stewart Tamba said this growing security threat is attributed to a number of criminalities being exhibited by some individuals and taxpayers in the country.

She was speaking Wednesday in Paynesville at the start of a three-day Last Mile Seminar under the Theme: "Effective use of Exchange of Information: An Auditor's Perspective".

The LRA boss named tax evasion, mispricing and other illicit activities as unhealthy behaviors that put the country's economy under threat.

Madam Tamba told the gathering that these acts are undermining the country's ability in mobilizing domestic resources to finance development programs.

She thanked the Organization for Economic Co-operation and Development (OECD) for accepting the invitation to build and strengthen the capacities of LRA workers to tackle these security threats.

"It is very important for our auditors are trained in order for them to request information that will better empower them to undertake their works," Madam Tamba said.

She noted that as tax evasion becomes more complex and sophisticated, it is essential for authorities to detect and disrupt the associated activities.

Tamba: "The financial impact of tax evasion is vast and effects are enormous. The full cost of such illicit activities is largely on the ordinary people."

The LRA Commissioner General told the participants that tax administrators have the responsibilities of addressing threats affecting revenue mobilization.

Also speaking, the Head of Secretariat of the Organization for Economic Co-operation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purpose, Monica Bhtia, praised the LRA for its commitment in ensuring domestic resource mobilization.

She said the seminar is about sharing different approaches and experiences that are working well in other countries for domestic resource mobilization.

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