The Liberia Extractive Industries Transparency Initiative or LEITI is preparing its 9th report for Liberia to be released to the public shortly. An LEITI press release issued in Monrovia Tuesday says the report will capture all material taxes, including royalties, land/surface rentals and other administrative fees paid to, and acknowledged by the Government of Liberia from companies in the oil, mining, forestry and agricultural sectors for the fiscal period July 1, 2015 to June 30, 2016.
LEITI has reportedly hired services of an auditing firm, Parker & Company LLC of Liberia in association with Moore Stephens LLP of the United Kingdom to prepare the report.
It calls on all stakeholders to the process, including companies of the mining, oil forestry and agricultural sectors, and other relevant ministries and agencies to fully comply with the process as the disclosure of taxes and revenues from the extractive sectors is fundamental to Liberia’s compliance with the EITI Standard and the LEITI Act of 2009.
The LEITI Standard is implemented in 52 countries around the world. Countries under the EITI framework obligate themselves to annually publish a comprehensive EITI report that covers information on contracts and licenses award; exploration, production and export; revenue collection and allocation; and social and economic spending.
The Liberia Extractive Industries Transparency Initiative is a part of the global EITI Standard that promotes revenue transparency in the extractive sectors in resource rich countries. It strives to ensure transparency over payments made to and revenues received by the Government from companies in the concerned sectors. Press Release