The Liberia Revenue Authority (LRA) says it exceeds projected revenue target for August 2018 by 23 percent or US$7.75 Million.In a press release, the LRA says the projected target for August was US$33.74 Million, but actual collection realized was US$41.48 Million.
Compared to the same period of last fiscal year, the release notes collection increased by 25 percent from US$33.2 Million to US$41.48 Million.
It says the over performance for the period is driven by realization of road maintenance fund after the lifting of ban on collection by the Supreme Court. Additionally, withholding taxes from residents, increased by 129 percent from US$4.0 Million to US$9.3 Million.
LRA notes that the currency composition showed that 79.1 percent (29.07 million) of the total revenue was collected in United States Dollars whilst the remaining 29.9 percent (1.89 billion) was collected in Liberia Dollars for the month.
The release says there was no external resource realized for the period under review, which indicates the entire US$41.48M was paid by taxpayers in the bounds of Liberia.
According to the release, Year To-Date as August 31, 2018 total gross revenue collection consolidated at the average exchange rate of LD 152.88 to 1USD is US$75.88M. Compared to same period last fiscal year, year-to-date collection slumped by 3 percent, from US$78.0M to US$ 75.88M. LRA says domestically compared to same period last fiscal year, collection increased by 1 percent from US$75.4M to US$ 75.8 Million.
Collection as at August 31, 2018 shows that 13percent of the approved revenue envelope of US$ 570.148M has been achieved.
Newly appointed Commissioner General Thomas Doe Nah applauds taxpayers across the country for their valuable contributions to the country’s revenue envelope and urges citizens to be tax compliant in supporting the government’s Pro Poor Agenda.
CG Nah emphasizes no country in the world develops without payment of taxes by its citizens. Press Release