The Plenary of House of Representatives has mandated its Committee on Ways, Means and Finance to scrutinize a Bill seeking to amend the Liberia Consolidated Revenue Code. The House’s Press Bureau says lawmakers reached the decision Wednesday, 11 September, 2024 during the 6th day sitting of the 2nd Extraordinary Session following its submission by President Joseph Nyumah Boakai.
When enacted, the Liberia Consolidated Revenue Code will be amended to be known as the Liberia Tax Amendment Act of 2024. In his communication, Pres. Boakai said the amendment is expected to affect Sections on royalties on iron ores, gold and other base metals (non-Concessional); Withholding taxes on gaming winnings and betting; withholding on services rendered; among others.
The Proposed Law comes at the backdrop of decrease in the mid- year revenue performance which has resulted to a downturn prevailing economic conditions. Following the reading and floor debate on the proposed legislation, Plenary unanimously forwarded the instrument to the Committee on Ways, Means and Finance to review and advise the full body within one day.
