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LRA Begins New Tax Payment Scheme April 1

22 March 2017, 10:26 am Written by 
Published in LINA Bulletin
Read 1144 times

MONROVIA, March 20 (LINA) - The Liberia Revenue Authority (LRA) has announced it will commence a new tax payment scheme through direct bank transfer beginning April 1.

According to a notice released by the LRA, this will require all businesses, individuals and the public to open accounts with a local commercial bank, if they do not already have one, and update their bank account information to include their tax identification number (TIN).

The notice stated that the taxpayers will also be required to fill up a return for each payment and determine the taxes to be paid, instructing their banks to debit their accounts for the amounts determined.

The notice indicated that the taxpayers will provide minimally their TIN, tax kind, tax period and tax amount to their commercial banks and electronically submit scanned copies of their returns to the LRA.

The initiative is intended to ensure that taxpayers will not only pay, but also trace all payments for taxes from their accounts, the notice stated.

“This means that taxpayers will directly instruct banks to transfer from their accounts to the Government of Liberia’s General Revenue Account at the Central Bank of Liberia (CBL) through a transitory account at the commercial bank,” it added.

According to the notice, the new tax payment scheme is part of series of transformation and modernization activities being implemented by the LRA in its quest to improve service delivery, increase voluntary compliance, protect national revenue and improve tax administration in the country.

“This tax payment, however, does not apply to payments of customs duties and its related taxes,” the notice pointed out.
LINA JGT/TSS/PTK

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