The Liberia Revenue Authority (LRA) says it slightly exceeded its projected revenue target for October, 2018 by US$7.98 million, equating to 22 percent.
Commissioner General Thomas Doe Nah, applauds all taxpayers in the country for meeting their tax obligations during the period under review and urges all Liberians and residents to be tax compliance, which is very critical to the development of the country.
In a press release, the LRA says based on historical indices and seasonal tax, it had projected 36.959 million revenue for the month, but actualized US$ 44.936 million, instead, representing 100 percent domestic revenue intake.
The release says domestic tax department contributed US$30.14 million or 67 percent, while the department of customs collected US$14.79 million, an equivalent of 33 percent.
Comparing revenue performance for the same period in 2017/2018 fiscal year, the agency says collection this year increased by 30 percent.
Meanwhile, the LRA notes that total revenue collected in the first four months of the fiscal year 2018/2019 is US$161.9m, comprising 154.9m or 95.7 percent in domestic revenues, and US$7.0m or 4.3 percent in external resources, respectively.
External resources represent monies or budgetary support provided by foreign governments or multilateral bodies like the IMF, World Bank or EU.
The amount collected exceeds the year-to-date projection of US$144.2m by US$17.7m or 12.2 percent. Collection to date shows that 28 percent of the total resource envelope and 31 percent of the domestic revenues have been achieved. When compared to the same period of last fiscal year, total revenue has grown by 7.8 percent, from US$150.2m at October 31, 2017, to US$161.9m at October 31, 2018.
LRA says the growth was spurred by a 15.5 percent increase in domestic revenues from 134.1m to US$154.9m over the period. External resources declined* over the period by 9.1m or 56.6 percent. Press Release