Saturday, April 2, 2011

The amended Revenue code of Liberia 2010

Liberia has amended her revenue code act of 2000, this was done in 2010 with effective date 1 January 2011. The amended code adjusted the personal income tax from to reflect low tax burden on individuals. The code also reduced the highest tax bracket from 35% to 25%. The code further addresses issue of Investment incentives encouraging people to invest excess cash into the hinterland with percentage ranging from 30% of the investment. The penalties for late filing and late payment was also adjusted by the code to 0.5% instead of 1%. The period for retention of tax documents have been increased to 7 years from 5.

The amendment addressed issues not also covered by the initial code such as tax payment for mining and exploration companies. It also discuss some accounting policies that should be applied, like depreciation, etc.

To obtain a copy of the amended code you may contact me on my email address.


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