(LINA)- The Commissioner General of the Liberia Revenue Authority (LRA), Mrs. Elfrieda Tamba, has disclosed that the LRA has as of April 30 collected US$453 million or 81 percent of the revised national budget.
She noted that Domestic Revenue accounts for US$356 million or 79 percent of the total revenue collected, while external resources account for US$75.1 million or 16 percent, and Consolidated Cash brought forward accounts for US$ 22 million or 5 percent.
According to a LRA release issued at the weekend, of the total domestic revenue collected, Domestic Tax Department accounts for US$195.3 million or 55 percent, while the Customs Department accounts for US$160.7 million or 45 percent.
The release indicated that the LRA Commissioner General made the disclosure when she addressed employees and provided updates on revenue performance in the country.
The release noted that the share of Domestic Tax Department in total revenue collected is 43 percent, Customs share is 35 percent, while major drivers in the Domestic Tax Department are Personal Income Tax (PIT) and Corporate Income Tax (CIT).
The release indicated that Customs Department is driven by Import Duties, Domestic Excise Taxes and other customs charges on imports and balance to be collected is US$104.5 million broken down as follows: Domestic Revenue US$ 60.2 million 51 percent and External Resources US$ 42.2 million or 47 percent.
The release stressed that cash brought forward on account of part time is US$ 2.2 million or 2 percent, while major areas of non-compliance are: Maritime which owes a total of US$ 12. 6 million and Dividend Budget Support from LPRC which amounts to US$ 2.5 million.
The release noted that LPRC had promised to make three equal installments of US$ 833,000 over the course of the fiscal year, noting,
“To date no amount has been paid with only one month to go. The LRA has made and continues to make efforts aimed at ensuring the payment to these revenues by fiscal year-end.”
The release also quotes Commissioner General Tamba as assuring that the LRA has to ensure the collection of at least US$104.5 million before June 30 — the end of the current fiscal period.
“In order to achieve the target, the Commissioner General told LRA employees that each LRA staff has to play his or her role effectively to ensure the balance is collected. The whole country is depending on us to do that—our own people, citizens….the government, the legislature and the judiciary; as revenue collectors, we hold a very hot seat, “ the quoted Commissioner Tamba is quoted as pointing out.
The release also quotes the LRA Boss as challenging employees and staff of the Authority to exert all efforts in their respective roles to ensure that the revised revenue forecast for 2015/2016 is met.
“In your individual space, whosesoever you are, sitting does your work correctly so that we can collect the remaining revenue,” Commissioner General Tamba challenged employees recently at the Authority’s quarterly general staff meeting.
“The National Legislature approved US$622 million as the national budget for fiscal year 2015/16, but was revised downward by US$70 million due to the global downturn in the mining and petroleum sectors, thereby setting a revised forecast at US$552 million,” the release concluded.