Below the Header Ad
BusinessGeneralNews

LRA and partners launch full implementation of new excise stamp

Above Article Ad

The Liberia Revenue Authority or LRA and partners have officially launched the new Excise Tax Stamp.

The new Excise stamp will be placed on all tobacco and alcoholic products imported to Liberia or manufactured, sold on the Liberian market, and consumed in the country. 

As of October 1, this year, the stamps will be available and placed at the opening of all tobacco products.

Additionally, the new stamps for alcoholic products will come into force in January of 2022.

LRA Commissioner General Thomas Doe Nah described the launch as a major milestone gear toward expanding the tax net and increasing revenue collection.

“As we aspire to move to billions, it is important to ensure vital tax reforms to achieve such drive,” he said.  

The new Excise stamp implementation seeks to curtail smuggling, counterfeiting of products and helps to fight against unfair market competition.

Meanwhile speaking on behalf of Finance Minister Samuel Tweh, the director for the Indirect tax unit at MFDP, Robert Quaye Dwuye Jr. termed the launch of the implementation as a major step in the collective drive to bring accountability to tax processes and tax administration.

“It is our fervent hope that the excise tax stamps will be an effective anti-smuggling tool to combat under-declaration and false declaration”.

Speaking on behalf of taxpayers, Madam Rose Walker noted that the launch of the excise stamp will help businesses to maximize profit.

She further called on LRA and partners to remain steadfast in curtailing smuggling, as it hurts legitimate businesses and reduces revenue for the government.

The initiative was hugely supported by the USAID-funded project Revenue Generation and Growth (RG3), the Ministry of Finance and Development Planning, and the Liberia Revenue Authority.https://thenewdawnliberia.com/lra-launches-electronic-tariff-platform/

Related Articles

Back to top button