LIBERIA REVENUE CODE OF 2000 AS AMENDED
The Tax Administration of Liberia reviewed the Revenue Code of Liberia Act of 2000 and came up with amendments to have been enacted in 2010. These amendments were compiled and called the Consolidated Tax Amendments of 2010. These amendments were sent to the House of Representative and Senate for enactment into law in 2011. By November 2011, The House was able to fully enact and published the "Revenue Code of Liberia Act of 2000 as amended" Several areas of the tax laws were affected, Some of the key areas affected are as follows: 1. Advance Payment of income tax - which was 2% of Gross Turnover was repeal. The amended code read that : If you filed tax return in previous year, your advance payments plus any withholding should be not less than 100% of the tax liability in previous period. If you were not required to file in the previous year, your advance payment plus any advance tax should be equal to atleast 90% of your income tax liability for the period. 2. Income t