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Home Business News Economy

LPP Advocates for Export Tax to Alleviate National Debt, Calls for Equitable Taxation

by Perry B. Zordyu
September 24, 2024
in Economy
Reading Time: 2 mins read
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LPP Advocates for Export Tax to Alleviate National Debt, Calls for Equitable Taxation

MONROVIA — The Liberian People’s Party, led by Cllr. Tiawon Gongloe, is urging President Joseph Nyuma Boakai to implement a tax on exported goods.

The LPP believes that imposing such a levy on exports could significantly reduce the debts owed by neighboring countries and partners.

Over the weekend at their office in Congo Town, party Chairman J. Yanqui Zaza proposed a 10% export tax on raw materials such as iron ore, rubber, diamonds, and gold. He argued that by doing so, Liberia could begin to reduce its current debt of US$2.3 billion and mitigate the impact of new debts from anticipated loans.

Chairman Zaza noted the proposed US$714 million investment in agriculture, likely through loans, and projected US$209 million loans from the International Monetary Fund (IMF), as well as promised loans from China, would be significantly affected by such a measure.

He highlighted that according to a 2019 World Bank study, foreign investors currently pay minimal taxes. Zaza pointed out that ArcelorMittal Steel, one of the largest investors in Liberia, has not paid a significant share of its profits, despite earning US$4.6 billion, US$5 billion, and US$4.98 billion in 2017, 2018, and 2019, respectively.

Zaza expressed concern over the tax burden on ordinary Liberians, who are taxed on nearly every basic good, including water, bread, nails, and most imports. He described this as an inequality that must be addressed, noting that Liberians should not continue to bear the bulk of the tax burden while foreign investors enjoy tax exemptions on their raw materials.

The LPP chairman asserted that a 10% tax on exports could generate an estimated US$155 million from just three major companies, according to the Central Bank of Liberia’s 2023 Annual Report.

He believes that revenue from the export tax would not only reduce Liberia’s debts but also diminish the need to impose a tax on rice imports, which Sierra Leone is reportedly contemplating.

Zaza stated that taxation might seem undesirable but is necessary to finance the social cement that binds a community together.

Additionally, the Liberian People’s Party calls on lawmakers to review and enact recommendations submitted by the Liberia Revenue Authority under the leadership of former President George Weah.

Tags: export taxLiberia People's PartyLPP
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Perry B. Zordyu

Perry B. Zordyu

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