Liberia Revenue Authority Says It Has Exceeded August Revenue Target By 23 percent or US$7.75M

LRA Boss, Thomas Nah Doe

The Liberia Revenue Authority (LRA)  exceeded its projected revenue target for the month of August 2018 by  23 percent or US$7.75 million.

The projected target for the month of August was US$33.74 million, but  actual collection realized was US$41.48 million, according to a  release from the LRA issued at the weekend.

Compared to the same period of last fiscal year, collection increased  by 25 percent from US$33.2 million to US$41.48 million.

The over performance for the period is driven by the realization of  the road maintenance fund after the lifting of a ban on collection by  the Supreme Court.

Additionally, withholding taxes from residents, increased by 129  percent from US$4.0 million to US$9.3 million.

The currency composition showed that 79.1 percent (or 29.07 million)  of the total revenue was collected in United States dollars, while 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.

Year-To-Date as August 31, 2018 total gross revenue collection  consolidated at the average exchange rate of L$152.88 to 1US$ is  US$75.88 million.

Compared to same period last fiscal year, year-to-date collection  slumped by three percent, from US$78.0 million to US$75.88 million.

However, domestically, compared to same period last fiscal year,  collection increased by one percent from US$75.4 million to US$75.8  million.

Collection as at August 31, 2018 shows that 13 percent of the approved  revenue envelope of US$570.148 million has been achieved.

Meanwhile, Commissioner General Thomas Doe Nah has applauded all  taxpayers across the country for their valuable contributions to the  country’s revenue envelope and urged citizens to be tax compliant in  supporting the government’s Pro Poor Agenda for Development and  Prosperity.

CG Nah says no country in the world develops without the payment of  taxes by its citizens.

LINA

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About Cholo Brooks 13495 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.