LRA Surpasses October Revenue Projection By US$7.9M

Liberia Revenue Authority Commissioner General, Thomas Doe Nah

The Liberia Revenue Authority (LRA) exceeded its projected revenue target for the month of October 2018 by US$7.98 million, equating to 22 percent.

The LRA, based on historical indices and seasonal tax, projected US$36.959 million as revenue for the month, but actualized US$44.936 million.

The amount collected for the month represents 100% domestic revenue, meaning there was no external resource or donor fund for the period, according to an LRA release issued on Monday.

Domestic Tax Department contributed US$30.14 million or 67%, while the Department of Customs collected US$14.79 million, an equivalent of 33%.

In comparison to revenue performance for the same period in the 2017/2018 fiscal year, collection this year increased by 30 percent.

Meanwhile, total revenue collected in the first four months of the fiscal year 2018/2019 is US$161.9m, comprising 154.9m or 95.7% in domestic revenues, and US$7.0m or 4.3% in external resources.

External resources represent monies or budgetary support provided by foreign governments or multilateral bodies like the International Monetary Fund (IMF), World Bank or the European Union (EU).

The amount collected exceeds the year-to-date projection of US$144.2m by US$17.7 million or 12.2%.

Collection to date shows that 28% of the total resource envelope and 31% of the domestic revenues have been achieved.

When compared to the same period of last fiscal year, total revenue has grown by 7.8%, from US$150.2 million at October 31, 2017, to US$161.9 million at October 31, 2018.

The growth was spurred by a 15.5% increase in domestic revenues from US$134.1 million to US$154.9 million over the period. External resources declined* over the period by 9.1 million or 56.6%.

Meanwhile, Commissioner General Thomas Doe Nah has applauded all taxpayers in the country who paid their taxes during the period under review and urged all Liberians and residents to be tax compliant, which is very critical to the development of the country.

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