President George Manneh Weah has approved a new schedule which reduces tariffs on a wide range of commodities being imported into the Liberian market.
The new tariff regime was submitted to the President by Liberia Revenue Authority Commissioner-General Elfreda Tamba in keeping with an earlier mandate to do so within 72 hours.
According to a statement from the Ministry of Information issued in Monrovia on 25 May, the schedule takes immediate effect and makes reductions ranging from 81 to 40 percent in over 2000 widely consumed commodities.
Some of the reductions include Pig Feet (81%), chicken feet (63%), vegetable oil (41%), onions (53%), used clothing (41%) and mosquito coil (65%), among others.
It can be recalled that on 25 May, President Weah gave a 72-hour directive to the Liberia Revenue Authority (LRA) to present a new schedule that will ensure immediate tariff reduction on a wide range of basic commodities imported, an Executive Mansion release has revealed.
Tariffs give a price advantage to locally-produced goods over similar goods which are imported, and they raise revenue for the government.The President has therefore mandated the Ministry of Commerce and Industry to urgently implement a concurrent and proportionate reduction in the prices of the affected commodities in order to bring relief to the poor masses.
He warns that any business entity engaging in price hike and profiteering in the wake of the tariff reduction will bear the full weight of the law. Meanwhile, the Government of Liberia says the new tariff regime as approved by the President meets all requirements of the law including Sections I, II, III and IV of the Act to Amend the Act to Ratify the ECOWAS Common External Tariff which was passed into law on December 14, 2017.
The government says they are fully within the parameters of the ECOWAS Common External Tariff (CET) Regime.–Press release