LRA gives deadline to pay real property tax
Liberia Revenue Authority (LRA) on Tuesday presented formally a package on Real Property Tax to each of the 73 members of the House of Representatives so as to declare their respective assets as well as give the timeline to pay Real Property Tax.
LRA’s Real Estate Tax Division, through a power point presentation on Tuesday, April 24, in the House’s Chambers informed lawmakers in a strongly-worded statement that the declaration of assets is unavoidable and that the Real Property Tax is paid once a year.
The payment of the tax, according to LRA’s Real Estate Tax Division, must be done between January 1 and July 1 every year in which the tax is levied.
The Commissioner of Real Property Tax Darlingston Talery said after July 1, the payment of the Real Property Tax is considered late and would accrue penalty and interest in keeping with Section 2002 of the LRA.
“Penalty of five percent for each month elapsing after July 31 that the tax remains unpaid, but not exceed 25 percent and the interest will include the market rate as published by authorities of the Central Bank of Liberia,” Mr. Talery said.
He said delinquent tax payers will firstly be notified through a Notice of Delinquency and given a period of 30 days to respond; failure to respond or comply, the LRA will effect a 72-hour Temporary Closure.
But if said delinquent also failed to respond or comply within the given time, LRA will forward such delinquent taxpayer/s to the Ministry of Justice for prosecution through the tax court, he added.
Tuesday’s presentation by the LRA is part of education awareness for revenue enhancement, to support the over US$524 million recast 2017/2018 budget.
Meanwhile some lawmakers, including Representative Edwin M. Snowe, have expressed disappointment over the six months’ period to pay the real property tax.