A Two Day sub-Regional Consultative meeting on the need of Mano River Members states mining fiscal regimes harmonization in the Gold and Diamond artisanal sector has ended in Monrovia.
The meeting which opened here on Thursday May 12, 2016, main objective was to evaluate the fiscal regimes for mineral that are currently in force in the MRU members states with a view of indentifying options for harmonization ,which in turn will present a mining development figure with the same package of taxes , incentives and regulations across the sub-region and expected advantage that could be generated .
Speaking at the occasion, the Deputy Minister for Planning and Human Resource Development at the ministry of Land, Mines and Energy Stephen Dorbor said Liberia is currently undertaking a mining reform program.
Minister Dorbor stated that the program includes the formalization of the artisanal and small-scale mining. He indicated that the development of a capacity development assessment and the drafting of the new minerals and mining law will provide a more competitive legal frame to support the minerals sector.
He maintained that at the MRU level, many initiatives are underway to harmonize the region’s mining regimes, adding that member countries have had a series of meeting already in Abidjan, Conakry and Freetown respectively.
Minister Dorbor mentioned that the MRU countries should be politically ready to undertake the regional approach needed to mitigate the challenges faced by all, stressing the need to create the needed environment where the people can equitably benefit from the respective minerals resources.
For her part, Madam, Elfrida Stewart Tamba Commissioner General of the Liberia Revenue Authority (LRA) said Liberia is endowed with a variety of Natural Resources Mining- Diamond, Gold, and Iron Ore etc.
She also named Petroleum- Oil & Gas exploration on-going Agriculture- Rubber, Palm Oil Forestry- variety of tree species such as red Ironwood, Cam wood, Teak, Mahogany, etc.
According to her, the Natural Resource sector contributed US$58.9m excluding royalties, representing 23% of the DT revenue collection of US$259m and 14% of the total LRA collection for the year – US$437m 12 May 2016 Building Liberia together with its taxes Liberia natural resources.
She furthered that Large Scale Mining Sector activities in the sector are governed by the New Liberia Minerals and Mining Law, 2000 Concessionary (Royalty/tax) fiscal system consisting of:- Royalty Corporate Income Tax Surtax on high yield .
Madam Tamba indicated that all Mineral Development Agreements (MDA) are negotiated and each has its own fiscal regime.
By Bridgett Milton -Edited by Othello B. Garblah