The Liberia Revenue Authority (LRA), in collaboration with the Ministry of Finance and Development Planning ( MFDP), have begun a month-long training workshop on the procedures and processes leading to the imposition of excise tax stamps on several commodities and goods currently on the Liberian market.
According to an LRA release, the workshop is sponsored by USAID through its Revenue Generation, Growth and Governance project (RG3) and is aimed to educate and enhance the capacity of key stakeholders, manufacturers, importers, suppliers, taxpayers and tax practitioners on the rules, procedures, modules and solutions to problems that may arise when trading in commodities such as alcohol, fuel and tobacco products.
LRA Assistant Customs Commissioner for Ports Operation, Edwin F. Kendema, said the specially designed stamps as per the established tax regulation are customized and unique to each one of the listed commodities and can be easily detected if counterfeited or tampered with by any supplier or manufacturer.
He indicated that the training is scheduled to take place in the 15 counties of Liberia for the next 30 days.
The imposition of excise stamps on selected goods and products is a result of an administrative regulation formulated by the LRA and the MFDP and has made it possible to put in place the proper use of specific stamps for use by manufacturers and suppliers of petroleum, tobacco and alcohol products on the Liberian market and would curtail the leakages of potential tariffs for the country.