The Liberia Revenue Authority (LRA) says it slightly exceeds its projected revenue for May 2018 by US$6.79m. The LRA says projected collection for the month of May was set at US$34.68m, but actual intake for the month rose to US$41.48.
In a press release, the Revenue Authority explains that total revenue outturn for the entire May include US$5.73m Direct Transfer Payment in transit to the Tax Administration System, which represents 100 percent domestic revenue.
The release says in terms of administrative or operational departments, Domestic Tax Department contributed 53 percent, while Customs Department contributed 47 percent of the total May outturn.
From July 2017 to May 2018 LRA reports that it collected a total of US$428.22m with Domestic Tax Department contributing 53 percent, while 47 percent of the total May outturn came from Customs Department.
However, of the total outturn, US$11.344 million (from the World Bank IDA) and US$3.193 million (from the LPRC Road Funds) were obligations for last fiscal year (FY16/17) but actualized in the current fiscal year (FY17/18).
“Therefore, the actual current outturn year to date is US$413.68 million. This current outturn of US$413.68 is against a set target of US$404.49m, registering an increase of US$9.190 million or 2 percent”, the release details.
The LRA has meanwhile thanked Liberian taxpayers for the contribution they are making to the development of the country, and is at the same time calling on all citizens and businesses in the country to be tax compliant by paying their due taxes.