The House of Representatives has passed an Act to amend the Revenue Code of Liberia Phase One on the Reform Tax Code of Liberia A.D. 2000, as amended by the Consolidated Tax Amendment Act of 2011, to adopt a modernized customs code of 2017.
According to the Chairman on Ways, Means, Finance and Development Planning Rep. Prince Moye, after a thorough review and critical analysis of the instrument as mandated by Plenary, the committee is pleased to submit the report to Plenary for consideration based on its findings.
The review and critical analysis by the Committee involved consultation with stakeholders including authorities at the Liberia Revenue Authority (LRA), the Ministry of Finance and Development Planning (MFDP) as well as actors and experts in the financial sector.
Rep. Moye says the purpose of the instrument is to develop modern customs processes that are consistent with international standards and practices that will ensure the full benefit from legitimate international trade.
Besides, Rep. Moye notes that this Act considers greater transparency and fairness in revenues collection, protection of taxpayers and it creates accountability in customs actions and decisions.
He notes that the Act seeks to make Liberia customs code more compliant with World Trade Organization standards, thereby creating a closer integration in the world trading economy and also clearly defining the enforcement powers of customs officers in Liberia.
During the hearing, Rep. Moye says the Committee deliberated on several cardinal issues in the customs code and he is pleased to submit to the instrument to Plenary for enactment into law and subsequent submission to the Liberian Senate for its concurrence.
During their deliberation, he says the Committee established the significance of the instrument, especially as it relates to boosting the state of the economy by providing economic and commercial protection and security.
By Bridgett Milton--Edited by Winston W. Parley