The Liberia Revenue Authority (LRA) exceeded its projected revenue target for the month of August, 2018, by 23 percent or US$7.75 million, a release from the LRA has said. The projected target for August was US$33.74 million, but actual collection realized was US$ 41.48 million.
Compared to the same period of last fiscal year, according to the release, collection increased by 25% from US$33.2 million to US$41.48 million.
The over-performance for the period, the release said, is driven by the realization of the road maintenance fund after the lifting of the ban on collection by the Supreme Court, LRA said.
Additionally, withholding taxes from residents increased by 129% from US$4.0 million to US$9.3 million.
The currency composition showed that 79.1% (or 29.07 million) of the total revenue was collected in United States Dollars, whilst the remaining 29.9% (or1.89 billion) was collected in Liberian dollars for the month.
“There was no external resource realized for the period under review, which indicates that the entire US$41.48 million was paid by taxpayers in the bounds of Liberia,” the release said.
Year-to-date as of August 31, 2018, the total gross revenue collection consolidated at the average exchange rate of L$152.88 Liberian cents to US$1 is US$75.88 million.
Compare to same period last fiscal year, year-to-date collection slumped by 3% from US$78.0 million to US$ 75.88 million.
However, domestically compared to the same period last fiscal year, collection increased by 1% from US$75.4 million to US$ 75.8.
Collection as at August 31, shows that 13% of the approved revenue envelope of US$ 570.148 million has been achieved.
Meanwhile, LRA Commissioner General, Thomas Doe Nah, has applauded all taxpayers across the country for their valuable contributions to the country’s revenue envelope and urged other citizens to be tax compliant by supporting the government’s Pro-poor Agenda for Development and Prosperity.
Mr. Nah, according to the release, says no country in the world develops without citizens paying their taxes.