(LINA) – The Liberia Revenue Authority (LRA) has disclosed that it has generated a total of US$52.283 million and L$1.054 billion as Gross Revenue during the month of March 2018.
An LRA report issued here states that the total collection for the month in the current fiscal year when compared to the period of last fiscal year 2016/2017 show a significant drop in domestic revenue from US$50.604 million to US$40.082 million, which is an equivalent of US$15.617 million or 31 percent.
The report states that the drop in domestic revenue in the current period is due to the Liberia Petroleum Refineries Company road funding, WH on salaries and wages, import duties on general imports, international GST, excise taxes on alcohol and tobacco and non-remittance of dividends budget support from National Port Authority.
The report pointed out that the gross revenue collection from July-March 2018 were US$228.952 million and LRD 13.160 billion, adding that the consolidated monthly aggregate value is US$339.304 million which were obligations for last fiscal year 2016/2017, but actualized in the current fiscal year.
However, the report stated that the current collections year-to-date are US$217.607 million and L$12.799 billion.
The report added that the consolidated value at the average realized exchange rate of 130.60LRD and US$325.188 million which was against a target of US$327.488 million and did register a decline of US$2.300 million that is 0.71 percent.
“When compared to the same period of last fiscal year the total revenues contracted by US$67.052 million was resulting from US$35.190 million decline in domestic revenue and US$31.862 million decline in external resources, respectively,” the report indicated.