The Liberia Revenue Authority or LRA has officially launched the Compliant Traders Program or CTP to provide better business opportunities and services to large importers and exporters with strong tax compliance.
Speaking during the launching ceremony at the LRA Headquarters in Paynesville, the Deputy Commissioner General for Technical Affairs, Mrs. Decontee King-Sackie, noted that the program was in recognition of traders, importers’ compliance, as well as to promote voluntary self-compliance, further indicating that the CTP was consistent with the LRA’s strategic objectives to facilitate legitimate trade and collect lawful revenue.
Mrs. Sackie also noted that the program was intended to provide trade facilitation benefits to importers and taxpayers with strong history of compliant behavior, through the ASYCUDA Selectivity Program. ASYCUDA is a computerized customs management system which covers most foreign trade procedures. The system handles manifests and customs declarations, accounting procedures, and generates trade data that can be used for statistical economic analysis.
The Compliance Traders Program will specifically benefit businesses that show compliant behaviors such as ensuring that all imports and exports are fully aligned with the governing rules through the availability of records, as well as fully compliant with domestic tax payment and filing requirements on a timely and accurate basis.
At least 43 companies were selected to commence the program. They include 25 of the largest importers and 18 concessionaires. The launch was attended by the major importers and exporters, as well as top business entrepreneurs.
By Bridgett Milton – Edited by George Barpeen