The Liberia Revenue Authority (LRA) says it will determinedly enforce the collection of lawful revenues, while working with all stakeholders, especially the business community, to enhance compliance and boost domestic resource mobilization.
The Authority wants businesses in the country to operate within the confines of the law and pay their taxes in line with the Liberia Revenue Code, to foster national development.
The call was made Friday (March 2, 2018) when the Domestic Tax Department held a one-day interactive discussion with several business stakeholders at the LRA Headquarters in Paynesville.
The discussions focused on issues hindering the accurate filling of tax records, including timely payment of taxes by taxpayers mainly in the Medium and Large Tax sectors.
Addressing the forum, Eddie H. Howe, LRA Large Tax Manager for Analysis, Assessment and Accounting disclosed that the initiative was further intended to identify issues affecting the taxpayers and the LRA respectively in the payment and collection of lawful revenue.
The discussion also considered the formulation of plans and strategies to curtail and identified challenges.
Mr. Howe encouraged the business stakeholders to always consider early filling of tax records and payment in order to avoid general payment risk, noting that the LRA will not hesitate to punish taxpayers who under-declare their tax obligations.
Meanwhile, some of the business stakeholders urged the LRA to ensure a proper verification of taxpayers’ records and profile of businesses to avoid duplication and wrong identification. This, they said, would enhance tax compliance and boost revenue collection.