The Liberia Revenue Authority (LRA) has officially launched the Compliant Traders Program (CTP) that will provide better business opportunities and services to large importers and exporters with strong tax compliance.
The CTP is consistent with the LRA’s strategic objectives to facilitate legitimate trade and collect lawful revenue.
Speaking recently at the launching ceremonies held at the LRA Headquarters, Mrs. Decontee King-Sackie, Deputy Commissioner General for Technical Affairs stated that the LRA was doing this “In recognition of traders/importers’ compliance and to promote voluntary self-compliance”.
Mrs. King-Sackie said the program “seeks to provide trade facilitation benefits to those importers/ taxpayers with strong history of compliant behavior through the ASYCUDA Selectivity Program”.
ASYCUDA is a computerized customs management system which covers most foreign trade procedures. The system handles manifests and customs declarations, accounting procedures, and generates trade data that can be used for statistical economic analysis.
At least 43 companies were selected to commence the program. They include 25 of the largest importers and 18 concessionaires. The launch was attended by the major importers and exporters as well as top business entrepreneurs.
The Compliance Traders Program will specifically benefit businesses that show compliant behaviors such as ensuring that all their imports and exports are fully aligned with the governing rules through availability of records, and are fully compliant with domestic tax payment and filing requirements on a timely and accurate basis, a press release said.