Participants and members of the joint LRA, MFDP & RG3 Excise Stamps Outreach Team pose for a group photo after an engagement session in GantaNimba Co. The Liberia Revenue Authority (LRA) in collaboration with the Ministry of Finance and Development Planning (MFDP) with support from USAID through its Revenue Generation, Growth and Governance project (RG3) has intensified public education and engagement on the introduction of Excise stamps.
According to the LRA, the ongoing outreach exercise is meant to educate members of the business community, consumers, joint security actors, customs administrators and related stakeholders about the introduction of excise stamps in Liberia, including the list of goods and products under the Excise stamps regulation.
The outreach activity commenced in early January and has covered Grand Cape Mount, Margibi, Lofa, Bong, Nimba, Grand Gedeh, Maryland and Sinoe counties with Grand Bassa County expected to begin shortly.
Excise stamp is a type of highly secured revenue stamp affixed to specified excisable goods to indicate that the manufacturer or importer of excisable products has paid the required excise. The excise stamps which will be approved by the tax authority will be placed on certain locally manufactured and imported products or goods sold on the Liberian market.
According to the Excise Tax Stamps regulation, manufacturers, importers and suppliers of alcoholic and non-alcoholic beverages, tobacco and tobacco products, sugar, cosmetics, luxury goods, and gambling equipment among others are required to use excise stamps on their products and goods.
At the same time, the joint LRA, MFDP and RG3 outreach team is urging all taxpayers that as of July this year, to begin checking labels of excisable products specifically digital features and excise stamps which will be visible on excisable goods and products.
Excise stamps are expected to be introduced in July this year and would hopefully curtail the leakages in attracting potential tariffs for the country, says the LRA.