IPNews-Monrovia,Liberia-6 February 2018:Deputy Minister Designate for Fiscal Affairs Samora Wolokollie, has underscored the need for an urgent revision of the tax code of Liberia to meet current realities.
Deputy Minister Designate for Fiscal Affairs stated Wolokollie stated that urgent revision of the tax code will greatly ease hardship on the ordinary people who had suffered many years of economic marginalization.
Speaking when he and Comptroller General Designate Janga Kowo appear for confirmation hearing held by the Senate committee on Finance and Banking, the tough talking deputy Minister for Fiscal Affairs, Ministry of Finance & Development Planning, Samora Wolokollie said the current tax code and laws undermines trade and commerce and creates unwarranted difficulties for the Business community.
He further suggested during the joint confirmation hearings that government must not overly tax the business community, with expectation that the business community will in return pay its fair share of any legitimate tax that has been assessed in consonance with the Revenue Code of Liberia.
The finance officials designate says Officials of the MFDP will work with the relevant stakeholders to ensure that Liberia’s tax regime is reviewed with the hope of eliminating those taxes and practices that place hindrances to the business community and economic growth.
According to the pairs, they will also strengthen other areas that would stimulate economic activities across the country.
In a presentation, Mr. Wolokollie stated that they will work with the Liberia Revenue Authority (LRA) and the Ministry of Commerce to ensure that a conducive and business – friendly atmosphere is maintained and sustained.
“We will make it a priority to ensure an open line of communication between our office and our stakeholders (Liberia Chambers of Commerce and Liberia Business Association) to foster our collaboration in pursuit of unlocking the potential of our economy,” Mr. Wolokollie says.
According to the Deputy Minister Designate for Fiscal Affairs, the economy is under enormous stress right now, which requires consultations and collaborations with the Liberian Legislature and his colleagues in the Executive, to bring to bear whatever fiscal tools needed help remedy the current economic situation.
“Ours will be a pro-poor approach. The potentials of our economy got to be unlocked. In so doing, existing practices, policies and regulations will be subject to review. We must encourage free and fair competition; we must eliminate anything that possesses unnecessary hindrances to free trade,” Mr. Wolokollie concludes.
