The Head of the Global Forum on Transparency and Exchange of Information for Tax Purposes, Ms. Monica Bhatia, is visiting Liberia as guest of the Liberia Revenue Authority. (LRA)
A press release issued in Monrovia says while here Ms. Bhatia is expected to meet with Vice President Joseph N. Boakai, Coordinator of the Cabinet, Justice Minister Fredrick Cherue, President of the Liberia Bankers Association, John Davis and other key stakeholders.
The meetings will centered around Liberia’s Roadmap on 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, Automatic Exchange of Information and the importance of Liberia passing the second Peer Review in 2018 to avoid sanctions.
The LRA welcomes the visit of Ms. Bhatia and is of the conviction that it would will highlight the importance of passing the necessary legislations to facilitate the Automatic Exchange of Information for tax purposes, among others.
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, it risks being declared non-compliant and subsequently blacklisted by the OECD and other international partnership, which could severely impact foreign direct investment.