Amid continuous acquisition of wealth by individuals in the CDC-led government who, according to our investigation prior to their current positions had nothing including properties, and are now dancing in huge wealth at the dismay of their fellow compatriots, latest information gathered from the United States has revealed that more sanctions are expected to hit Liberia.
According to GNN source, this time United States combined with EU sanctions are expected to hit several dozens of Liberian officials including US Internal Revenue Service (IRS) prosecution for Liberian officials with US citizenship who earn thousands of dollars every month and year but refused to pay US federal taxes.
Under US laws, all US citizens are required to file annual federal and state taxes but several Liberians with dual citizenship at delinquent and that is catching up with them.
The sanctions regarding corruption will also hit a sizeable number of the Liberian legislature, according to sources closed to US State Department.
The leadership of the legislature and members of standing committees including Committee on the Executive are likely to be hit with sanctions.
According to the IRS, if you are a U.S. citizen or resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether you are in the United States or abroad. You are subject to tax on worldwide income from all sources and must report all taxable income and pay taxes according to the Internal Revenue Code.
Many Americans living abroad qualify for special tax benefits, such as the foreign earned income exclusion and foreign tax credit, but they can only get them by filing a U.S. return. For further details, see Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad.
U.S. taxpayers who own foreign financial accounts must report those accounts to the U.S. Treasury Department, even if the accounts don’t generate any taxable income. Taxpayers should file a Report of Foreign Bank and Financial Accounts (FBAR) electronically by April 18, 2022, using the BSA E-Filing System. For further details see Report of Foreign Bank and Financial Accounts (FBAR).
Taxpayers must also report virtual currency transactions to the IRS on their tax returns; these transactions are taxable by law just like any other property transaction. For more information see Virtual Currencies.
In a related development, the United States government is seriously concerned of the discovery of $100 Million of cocaine on Liberian soil by a joint team of the Liberia Drug Enforcement Agency and the Liberia National Police acting on U.S. security intelligence arrested some individuals this month.
The estimated value of the drugs is one-fifth of most of Liberia’s post-war annual budgets since the country’s civil war ended in 2003.
“We want to be clear that Liberia will not be a haven for drug traffickers — whether as a point of transit or final destination,” Justice Minister Frank Musa Dean said. “Those arrested will face the full force of our law.”
Authorities said one of the suspects, a citizen of Guinea-Bissau, was arrested in Monrovia, the capital. The second suspect, a Lebanese national, was nabbed while attempting to flee the country.
Officials have said that 520 kilograms (1,146 pounds) of cocaine were concealed in a huge consignment of frozen poultry products that had been delivered to a cold storage facility near Monrovia’s seaport.
Officials say they’re now trying to determine whether the drugs were transiting through Liberia. The country has been used by drug smugglers for that purpose due to the country’s weak and chronically underfunded security sector, according to experts. A U.S. embassy statement thanked the government for acting on intelligence to carry out the arrests.
Credible information hinted GNN also alleged that some individuals in high profile positions are said to be involved by allegedly facilitating the movement of these harmful drugs for its onward distribution to their respective their users, a situation our source noted must be thoroughly investigated, and bring to book those officials reportedly linked to this.