Source: Africa Publicity
The Liberia Revenue Authority (LRA) is set to roll out significant tax reforms aimed at enhancing national development, fostering economic growth, and providing relief to taxpayers. Beginning April 1, the LRA will fully implement key amendments to the Liberia Revenue Code, as passed by the National Legislature and published as a handbill.
One of the most impactful changes under the amendment is the reduction of excise taxes on both imported and locally manufactured excisable goods, including beer, wine, and other fermented beverages. This reduction will ease financial pressure on manufacturers and importers, encouraging local production and boosting economic activity. Consumers are also expected to benefit, as lower excise taxes help stabilize market prices and increase affordability.
To further ease compliance and improve the taxpayer experience, the deadline for filing tax returns has been extended from 5:00 PM to 11:59 PM on deadline day. This adjustment gives businesses and individuals more time to meet their tax obligations without unnecessary stress. Taxpayers using the LITAS online platform will now have the flexibility to file returns at their convenience within the prescribed period.
Additionally, taxpayers who file after 5:00 PM will no longer face penalties, interest charges, or be classified as late filers. This is a significant relief for businesses and individuals alike.
As Liberia prepares to transition to a Value Added Tax (VAT) system in January 2027, the amended law introduces a slight increase in the Goods and Services Tax (GST) from 10 percent to 12 percent. This adjustment is expected to significantly raise domestic revenue to support national development initiatives, including roads, healthcare, and education.
The LRA has been actively engaging stakeholders, including the Liberia Institute of Tax Practitioners, the National Customs Brokers Association, and the Liberia Chamber of Commerce, to ensure a smooth implementation of the amended laws.
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