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Home Business News Economy

LRA Surpasses US$500 Million in Domestic Revenue Collection

by Lennart Dodoo
October 14, 2024
in Economy, Featured
Reading Time: 2 mins read
0
LRA, OECD/UNDP To Launch Tax Crime Investigation Initiative Thursday

Monrovia – The Liberia Revenue Authority (LRA) says it has collected over US$513.8 million in domestic revenue as of September 30, 2024, surpassing its target by US$54.3 million and achieving 74% of its annual goal.

The national budget for 2024 is set at US$738.86 million, with domestic revenue expected to contribute US$696.4 million, while US$42.4 million is projected to come from external support. Notably, the LRA’s collections have been entirely from domestic sources, as no external contributions have been received so far. Commissioner General James Dorbor Jallah acknowledged the pivotal role of taxpayers in achieving this milestone.

“We are encouraged by the progress we’ve made so far,” said Commissioner General Jallah. He praised the efforts of taxpayers, the LRA team, and various government agencies involved in revenue collection. He stated that their collective efforts would bolster the government’s capacity to invest in public services and national development priorities.

The LRA consistently surpasses monthly revenue targets under the leadership of Commissioner General Jallah. He is determined to achieve the US$1 billion revenue goal in the coming years.

Despite recent challenges, including what Jallah described as a “barrage of negative propaganda” targeting the LRA and its leadership, he encouraged all stakeholders to remain focused. He urged the public to verify information from reliable sources and continue working toward increasing domestic revenue.

The LRA insists that its involvement in supporting the Ministry of Commerce (MoC) with vehicle procurement was driven by the need to enhance revenue collection and strengthen national fiscal capacity. The LRA reiterated that there was no personal gain or corruption involved in this process.

The vehicles, procured using funds from the Customs Capacity Building Fund generated from MedTech payments, are intended to facilitate nationwide inspections. These inspections will ensure compliance with business and tax regulations, which is expected to lead to increased revenue collection. The LRA stated that this form of inter-agency support is common and is part of a broader strategy to achieve Liberia’s revenue targets.

The LRA clarified that the MedTech payment system is supported by a formal agreement, a Memorandum of Understanding (MOU) with the Government of Liberia, in line with the Liberia Revenue Code (Section 1822). The LRA assures that all funds used in this partnership are legitimate and legally sanctioned.

Additionally, the LRA stated that providing logistical support to other government agencies is not new, citing previous collaborations with the Ministries of Foreign Affairs, Transport, and Labour. These partnerships have yielded significant revenue results, such as an investment of US$53,000 that generated US$2.658 million between April and June 2024.

The LRA further clarified that it was not directly involved in the procurement of the vehicles. While it approved the use of funds to support trade-related activities under the Ministry of Commerce’s leadership, the procurement process and vehicle specifications were independently managed by the Ministry of Commerce and MedTech.

Tags: Domestic RevenueLiberia Revenue AuthorityLRA
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Lennart Dodoo

Lennart Dodoo

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