The Liberian Government Tuesday announced the waiver of all penalties and interests accrued on overdue taxes for all tax payers including businesses and individuals.
A Ministry of Finance & Development Planning (MFDP) release issued to the effect said the government’s decision comes in the wake of an approval from the President of Liberia, Her Excellency, Ellen Johnson-Sirleaf.
According to the statement, the Ministry issued the “Administrative Regulation” through the Ministry of Foreign Affairs for the waiver of Penalties and Interests. The regulation is being published on the MFDP’s and Executive Manson’s websites.
“The waiver of 100 percent of Penalties and Interests are for those who pay in full their taxes within 60 days or by June 30, 2016.” The release indicated that the waiver relates to taxes accrued up to and including April 30, 2016.
The Ministry said for petty traders, “all fees including registration, Penalties and Interests up to June 30, 2015 are also waived 100 percent.” The MFDP release noted that property owners who proceed to making payment on their properties immediately will benefit from the waiver of Penalty and Interest. Additionally, the five years payment of tax arising on real properties purchased is being temporarily extinguished
“The amnesty on Penalty and Interest is intended to encourage businesses and individuals to regularize their tax obligation and continue payment on an ongoing basis,” the MFDP release concluded.