Published: September 20, 2024
MONROVIA – In a joint effort with the Ministry of Finance and Development Planning (MFDP), the Liberia Revenue Authority (LRA) has completed a two-day intensive regional validation exercise of Liberia’s second Domestic Resource Mobilization (DRM) Strategy in Buchanan City, Grand Bassa County.
Pending validation and approval, the DRM Strategy aims to provide a comprehensive framework and roadmap for boosting domestic revenue over the next five years, spanning from 2024 to 2029.
The new DRM Strategy is crafted under the theme: “Building a Resilient Liberia: Enhancing Domestic Resource Mobilization for National Transformation.” It is designed to enhance revenue collection, reduce dependency on external funding, bolster fiscal self-reliance, and lay a solid foundation for inclusive economic growth.
Earlier this month, two previous regional validation exercises took place in Grand Gedeh and Bong Counties, which incorporated feedback from stakeholders in adjacent counties. The Western Liberia regional validation session is scheduled to continue until Saturday, September 21, in Tubmanburg, Bomi County.
The Buchanan workshop attracted participants from Sinoe, Rivercess, Montserrado, and Grand Bassa Counties. Among those in attendance were county superintendents, business leaders, county service center coordinators, civil society organizations, students, traditional chiefs, and youth representatives.
The discussions throughout the session focused on reducing compliance costs and uncovering new revenue streams to broaden the country’s financial base. Participants offered insights, suggestions, and recommendations to enhance domestic revenue mobilization.
During group presentations, there were calls for the LRA to intensify, decentralize, and maintain tax education and awareness initiatives. Other recommendations included revising the personal income tax table and streamlining duty-free privileges, which are reportedly being misused. Additionally, there was a strong push for the increased investment of tax revenues in major development projects to showcase the tangible benefits of tax contributions.
Once officially validated and implemented, this strategy is poised to significantly shape Liberia’s approach to domestic resource mobilization, aiming to elevate revenue collection from millions to billions over the coming years.
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