Liberia: Senate Scrutinizes Tax Amendment Act

President George Weah on Tuesday, July 18, submitted the Tax Amendment Act of 2023 for Senate approval before its final break.

The Liberian Senate has mandated its Statutory Committee on Ways, Means, Finance, and Budget to scrutinize and advise the plenary on the enactment of the Tax Proposed Act of 2023. 

The proposed Act seeks to amend the Liberia Consolidated Revenue Code.

The proposed instrument also seeks to amend, Section 16 of the Revenue Code, on Special Investment Incentives, Section 203, Deduction for the Cost of Producing Income, Section 211, Transaction between Related Persons, as well as Section 806, Tax Withholding on Payment to Non-residents.

The Liberian Senate quotes the proposed Act as saying that Section 16 seeks to improve the Liberian economy in several ways, including growth in the manufacturing and Agricultural Sectors which is intended to minimize and streamline tax expenditures in line with the objectives of domestic resource mobilization.

Additionally, Section 203 seeks to reduce Liberia’s current rule on business interest limitation, which the Executive said is quite high, from 50 percent of taxable income to 20 percent of earnings before interest, tax, depreciation.

In another development, the Senate yesterday sent a message of condolence to the bereaved family of the late Former Deputy Speaker Hans Barchue.

In its message of condolence in the plenary of the Liberian Senate, Bomi County Senator Edwin Melvin Snowe, Jr., who spoke on behalf of the Senate, said the Upper House regrets the death of the statesman who, he said, contributed immensely to the growth and development of the country. 

The late Former Deputy Speaker was a current Representative at the 54th Legislature, representing Electoral District #1, Grand Bassa County. He served as Deputy Speaker from 2012 to 2018.