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 tax bracket was reduced to 4 bands as follows:
(Liberian Dollars - Annual Income)
Earnings Rate
1. 0 to 90,000 Nil
2. 70,001 to 200,000 5% of the excess over 70,000
3. 200,001 to 800,000 $6,500 +15% of the excess over 200,000
4. Over 800,000 $96,500 +25% of the excess over 800,000
3. Introduction of Section 600 for Agriculture and Renewable Energy
4. Introduction of Section 700 for Mining and Petroleum
5. Amendment of withholding rates for both resident tax payers and Nonresident tax payers as seen in Section 806 and Section 905 of the Amended Revenue Code of Liberia.
6. Reduction in Certain Custom Duties
7. Amendment to the Goods and Service tax rates
8. Amendment to deductible expenses in the determination of taxable income of a business corporation.
The effective date of this Code is January 1, 2011.
The Tax Administration has also been re-structured. The Tax Administration is no longer been handled by the Ministry of Finance, but is now handled by the Liberia Revenue Authority which became effective July 1, 2014.
Get your copy by following the link below: (you need to have a drop box account or sign up)
Liberia Revenue Code of 2000 As Amended
More update on the Liberia Revenue Authority shall be published.
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 tax bracket was reduced to 4 bands as follows:
(A) The tax rate and tax computation shall be as stated in the following table:
(Liberian Dollars - Annual Income)
Earnings Rate
1. 0 to 90,000 Nil
2. 70,001 to 200,000 5% of the excess over 70,000
3. 200,001 to 800,000 $6,500 +15% of the excess over 200,000
4. Over 800,000 $96,500 +25% of the excess over 800,000
3. Introduction of Section 600 for Agriculture and Renewable Energy
4. Introduction of Section 700 for Mining and Petroleum
5. Amendment of withholding rates for both resident tax payers and Nonresident tax payers as seen in Section 806 and Section 905 of the Amended Revenue Code of Liberia.
6. Reduction in Certain Custom Duties
7. Amendment to the Goods and Service tax rates
8. Amendment to deductible expenses in the determination of taxable income of a business corporation.
The effective date of this Code is January 1, 2011.
The Tax Administration has also been re-structured. The Tax Administration is no longer been handled by the Ministry of Finance, but is now handled by the Liberia Revenue Authority which became effective July 1, 2014.
Get your copy by following the link below: (you need to have a drop box account or sign up)
Liberia Revenue Code of 2000 As Amended
More update on the Liberia Revenue Authority shall be published.
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Individual income tax is also referred to as personal income tax and is levied on wages, salaries, and other types of income.
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