Members of the House of Representatives are poised to ratify the 2024 Budget today--a development that is being greeted with reports of the discovery of new revenue sources to augment the national budget.
The Joint Budget Committee of the House of Representatives and the Senate last week revealed that they have discovered additional revenue of about US$51 million.
Rep. Dixon Seeboe, the chairman of the Joint Budget Committee on Thursday in session during the 2024 Budget debates said the additional revenue of US$51 million plus the original US$692.2 million budget have totaled the 2024 Budget to US$743,859,827.00.
But the Budget Committee of the House of Representatives stressed in their report that the revenue projection is contingent on several factors including measures to be taken by the Liberia Revenue Authority (LRA) and the passage of the Value Added Tax -- which was unanimously passed (ratified) Thursday by the House and forwarded to the Senate for occurrence.
"Honorable Speaker, Deputy Speaker, Distinguished colleagues, we crave your indulgence to approve this Fiscal Year 2024 National Budget of US$743,859,827.00," the House's Budget Committee said. "The Budget exchange rate is L$211 to US$1.00."
The Budget Committee added: "To enhance revenue mobilization and ensure efficiency in our services sectors, the Committee recommends the passage of the Fiscal Year 2024 National Budget along with its Budget Working Papers, and the Fiscal Measures stated herein."
Further, the Joint Committee recommended some fiscal measures: "1. Upon the approval of the Budget by the President, the Ministry of Finance shall present to the Legislature the final copy within fifteen working days; 2. Budgetary appropriation for the Liberia Revenue Authority shall be paid immediately upon collection of revenue by the budgetary ratio of 5% of revenue collection until its budgetary ceiling is realized by the Act Creating the Liberia Revenue Authority; and 3. All social development funds, including the Land Rental Fees, shall be transferred directly to the affected county's escrowed accounts and swept in real time."
Other measures: "There shall be a revenue sharing of 50% - 50% between the Central Government and the Counties (Cities, Township, Borough) for all excess budgetary revenue collected from Real Property taxes; 5. The Ministry of Labor and Liberia Immigration Services shall retain 5% of revenue generated for the enhancement of digital tracking and service systems to cover the cost of enforcement, to ensure efficiency in their services; 6. The Liberia Telecommunication Authority shall remit to the Ministry of Post and Telecommunications 5% of its share of revenue as provided for in the Telecommunication Act and 7. The Liberia Revenue Authority will ensure the timely collection of all taxes including SOEs' contributions and arrears from road funds monthly, and Maritime remittance payments being consistent with the LISCR Agreement. Provided that all contributions shall be remitted at most every quarter, while the Bureau of State Enterprise shall ensure that the financial reporting of all SOEs is presented fairly, taking into account the expenditure and revenue. The effective monitoring of all SOEs shall be conducted monthly by the BSE at the expense of the SOEs for 0.25% of their gross income per annual."
The remaining fiscal measures include: "8. The Liberia Revenue Authority shall have viewing rights to all internal revenue-generating accounts of revenue-generating entities to include all SOEs.
9. The Liberia Revenue Authority and the Ministry of Lands and Mines shall coordinate to ensure the efficient collection of mining-related taxes to include a mechanism for withholding at source and, 10. The Liberia Revenue Authority shall conduct a comprehensive reconciliation of all revenue transitory accounts. Amounts realized from said reconciliation shall be reported in the supplementary budget during the mid-year review. And the Liberia Revenue Authority shall have viewing rights on all internal revenue generating accounts of revenue-generating entities to include all States Owed Enterprises and reserve the right to garnish for non-compliance in the case of SOEs."
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Members of the House of Representatives have voted that a copy of the proposed 2024 be submitted to each lawmaker by Friday for review and legislative action, hopefully on Monday during a special session.
Meanwhile, the Speaker and members of the House of Representatives who are expected to act on the 2924 budget today following an unprecedented budget debate on Thursday.
The Speaker indicated that he wholeheartedly accepts the reduction of the Speaker's budget from US$2m to US$1.6m.
The Speaker furthered that relating to the audit which will begin with a system audit; there will be an audit of the past legislature if systems are put in place or established.
