The Liberian Cabinet has mandated a concerted legislative engagement aimed at amending the country’s existing Revenue Code in order to attract additional sources of revenue in the telecommunication sector as well as from alcohol and tobacco to further the national development agenda.
The decision followed a careful assessment and analysis of the country’s current economic outlook while mandating austerity measures that seek to address emerging economic challenges.
An Executive Mansion releaseissued Wednesday November 2, suggests that the decision to explore means of increasing taxes in the telecommunications, alcohol and tobacco industries followed Finance and Development Planning Minister, BoimaKamara provision of a holistic reflection of Liberia’s existing economic outlook to Cabinet based on the hindsight of the Economic Management Team, obtaining challenges and advance realistic recommendations aimed at economic diversification for value addition.
Cabinet was also said to have received substantive overview specific to revenue intake, how likely projections particularly in the agriculture and manufacturing sectors, once explored could lead to improved prospects for the national envelope. Cabinet further assessed the expenditure component with respect to prudent austerity actions that will ensure macroeconomic stability in the short, medium and long-term.
It further mandated its Secretariat that in pursuit of the tactful tracking of all previous policies decisions geared toward stimulating economic and actionable outcomes in the process so as to use same as a basis for future considerations.
Meanwhile, Cabinet received obtaining updates from the Agric-processing and Manufacturing Task Force on the status on key economic diversification and value addition stimulus targets intended to promote increased private-partnership participation.