While in Liberia Ms. Monica Bhatia is expected to meet with the Vice President, Joseph N. Boakai, Coordinator of the Cabinet, Minister Fredrick Cherue, President of the Liberia Bankers Association, Hon. John Davis and other key stakeholders.
The meetings will centered around Liberia’s Roadmap for preparing for the second round of the Peer Review of Liberia which pertains to the implementation of standards for the Exchange of Tax Information on request, Tax Transparency, Promoting Tax Cooperation, the Automatic Exchange of Information and the importance of Liberia passing the second Reer Review in 2018 inorder to avoid sanctions.
The LRA welcomes the visit of Ms. Bhatia and is of the conviction that the visit will highlight the importance of passing the necessary legislations to facilitate the Automatic Exchange of Information for tax purposes and the need to phase out bearer shares in our shipping regime.
Meanwhile, on September 11, 2017, the Liberia Shipping Industry was reviewed by the Forum for Harmful Tax Practice of the OECD, and deemed to be not harmful in sync with the minimum standards of the Forum.
However, if the Country does not deal with the beneficial ownership, bearer shares and share nominees in its shipping industry, Liberia risked to be declared non-compliant and subsequently blacklisted by the OECD and other international partnership. This will severely impact on the Country foreign direct investment as well as its ability to access loan facility and donor support.