The Liberia Revenue Authority (LRA) and the Liberia Business Association (LIBA) have signed a memorandum of understanding (MoU) to enhancing tax compliance among businesses in the country.
A press release from the LRA says the partnership agreement, among other things, highlights the implementation of tax education and outreach activities among LIBA members.
The MoU seeks to facilitate continuous engagement with the domestic private sector through the LIBA, being the umbrella organization for all Liberian-owned businesses in order to ensure the expansion of the tax net and foster collection of domestic revenues.
Speaking at the signing ceremony on Friday, 22 December at the LRA headquarters in Paynesville, LIBA President David K. Sembeh called on Liberian businesses to be fully tax compliant as the taxes they pay are the bedrocks for national and economic development.
Mr. Sembeh says taxpaying is civic obligation by all businesses and individuals not only in Liberia but across the world, noting that it is time for the business community here to collaborate with the LRA to enhance domestic resource mobilization as being done in other countries.
“We assure our commitment in fully implementing the directives of this MoU which will further strengthen the existing tie between LIBA and the LRA”, he notes.
The LIBA President intimates that most of Liberia’s developments have been heavily reliant on donor support, indicating that in the midst of growing donor fatigue, it was time for LIBA to work along with the LRA in helping to mobilize additional domestic revenues for the country.
The LIBA President assured that his organization will work along with the LRA to create awareness and boost tax compliance among especially Liberia businesses in the country.
LRA Commissioner General Elfrieda Stewart Tamba, in remark, describes the MoU as a great step forward in building partnership with relevant local institutions to enhance domestic resource mobilization.
“Today is a good day for Mama Liberia,” CG Tamba states, adding that the MOU between both institutions signifies that they can work together to build Liberia through the strengthening of domestic resource mobilization.
She notes that achieving the LRA goals requires partnership and collaboration. “We can only achieve domestic resource mobilization when we collaborate as stakeholders, and when we achieve our mandate, we achieve for the good of Mama Liberian and its people.”
The Commissioner General further adds that the more government is empowered by the taxes collected, the more it will apportion resources to foster development and provide basic social services.
She points out that domestic resource mobilization is a major pillar under the Sustainable Devolvement Goals and the African Union, Africa Agenda which can be achieved through building strong partnership with vibrant local institutions.
The LRA Commissioner General praised LIBA for collaborating with the Authority in cultivating a meaningful partnership that is expected to boost tax compliance among businesses and revenue collection.
Implementation of the MoU is expected to commence 2018.-Press Release