10 August 2018

Liberia Revenue Authority Nets U.S.$34 Million for July 2018

Monrovia — The Liberia Revenue Authority (LRA) has recorded US$34.04 million as revenue collection for the month of July 2018, describing it as a 'good starting' for fiscal year 2018/19.

The amount collected is slightly below the monthly projection of US$36 million for July, LRA Office-In-Charge and Acting Commissioner General (ACG) Decontee T. King-Sackie told the Ministry of Information regular Press Conference in Monrovia Thursday.

Madam King-Sackie said the July's performance is a 'good starter and indication' for the fiscal year, given that it is in the historical range, especially where it exceeded last fiscal year's number (for the same period) of US$32.3 million by five percent or US$1.74 million.

The LRA is expected to collect a total revenue of US$570.14 million for Fiscal Year 2018/19, of which US$561.62 million or 89 percent is on account of domestic revenue. Domestic revenue accounts for all monies collected within the bounds of Liberia.

ACG King-Sackie noted that the prospect for revenue collection looks hopeful with the resumption of collection of the Road Fund. The Road Fund is a US$0.30 (30 cents) levy on each gallon of petroleum imported into Liberia. US$31 million in Road Fund is expected to be collected for this fiscal year.

The Acting CG disclosed that the LRA has already begun receiving payments for the Road Fund--with about US$58,000 was collected in July, while US$4.43 million is projected for August.

Improved Customs performance, largely due the implementation of the centralized customs assessment regime will also boost revenue collection, while the LRA will actively engage Ministries, Agencies and Commissions of government as well as State Owned Enterprises to ensure that their monthly collection plans are provided and implemented.

Recounting challenges that must be countered for the LRA to succeed, Madam King-Sackie underscored the need for adequate funding of the Authority for timely and effective enforcement of the revenue code.

The ACG also decried depreciation of the Liberian Dollar against the US Dollar. During FY17/18, the Liberian dollar depreciated by 13 percent against the US Dollar. This led to a revenue loss of US$17.18m on exchange rate translation.

Liberia

Weah Concerned About 'More Than Me' Rape Case

In the wake of the sex scandal implicating a former employee of the 'More and Me' charity, President George M. Weah has… Read more »

See What Everyone is Watching

Copyright © 2018 FrontPageAfrica. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.