The President of the Republic, H.E. Dr. George Manneh Weah has issued Executive Order No. 103 aimed at stimulating economic growth in the Liberian economy.
Executive Order #103 is expected to solidify the gains realized under Executive Order No. 96 and to continue to stimulate economic growth in the Liberian economy, which has experienced a protracted downturn in activities and slow growth driven by the continuous and persistent declines in the prices of and demand for Liberia’s primary exports of rubber, iron ore and timber.
The Presidential Order also takes cue from the adoption of the ECOWAS CET effectively which limits Liberia’s ability to use import duty as a tax policy instrument to protect local industries from unfair competition and dumping-something that has contributed to the low level of business activities currently experienced in the economic outputs of the industrial, commercial and retail sectors.
In realization of the situation, the President’s Order declares that the Commissioner General of the Liberia Revenue Authority, in consultation with the Minister of Finance and Development Planning, may set forth a schedule of Waivers, in Regulation, to be reviewed annually by them for the granting of relief from assessment of penalties and interest related to Real Estate Taxes, Customs Duties and Related Levies including those under Administrative Review, Judicial Review, Audits or Examinations as a result of either or both failure to file or failure to pay such Taxes, Duties and Levies when due.
“Failure on the part of a Taxpayer to take advantage of a Waiver offered during an annual period shall preclude the Taxpayer from taking advantage of future annual Waivers for a period of 5 (five) years, during which period the Taxpayer is to be subject to sanctions, including the seizure and forfeiture of assets,” noted the President’s Executive Order.