Africa-Press – Lesotho. Lesotho Revenue Authority (LRA) has exceeded the tax revenue target for the financial year 2021/2022. The Authority has collected M7.3 billion against the target of M6.6 billion.
This was revealed by the LRA Commissioner-General Thabo Khasipe in Maseru earlier today. Khasipe said the Authority has surpassed the target by a surplus of M638 million.
Speaking at the event, the Minister of Finance Hon. Thabo Sophonea said “the reward for good work is more work” adding that the country needs more funding to address
the Covid-19 sponsored problems. “I did mention in the budget speech that economic growth for 2022/23 is projected to remain buoyant at 2.3 percent before expanding to 2.5 percent in 2023/24 and
averaging 2.8 percent over the medium–term,” he said. The LRA Chairperson of the board Robert Likhang said against the backdrop of the COVID-19 induced economic climate, LRA has “continued to mobilize revenue
sustaining a positive trajectory”. Going forward, he said LRA plans to adopt advanced technologies to improve revenue collection. The Chairperson said LRA is vying for the adoption of advanced
technologies that include systems automation, block-based technology, Artificial Intelligence (AI), machine learning and data mining. He added: “The good revenue performance reflects improving macroeconomic
environment because of relaxation of Covid-19 containment measures, and sustained implementation of enhanced compliance efforts by the Authority. During the period under review, LRA implemented several revenue (sic)
enhancement initiatives that enabled the Authority to enhance revenue collection. This was largely driven by enhanced compliance efforts through forged strategic partnerships and the implementation of new tax measures
focused on ensuring that all taxpayers pay their dues. ” The Chairperson of the LRA board attributed the performance of LRA to its endeavour to enhance clients’ service experience through digitization; enhanced dispute
resolution processes, efficient trade facilitation, stakeholder engagement, tax base expansion and the capacity building of LRA staff. In 2020 LRA had missed its target owing to the outbreak of the COVID-19 pandemic that
forced countries to introduce hard lockdowns that saw many economic activities halted. It was in the 2020/2021 financial year that the Authority had redeemed
itself by meeting and eventually exceeding its target by 13 percent. Also on this occasion, the Minster launched 2021/2022 Income Tax Returns Filling Season.
“The
1st of April marks the beginning of a period in our Tax Calendar, whereby
taxpayers are required by law to submit income tax returns and pay taxes due by [the] 30th of June. I invite all resident and non-resident taxpayers; in their
various categories: Large Businesses, Small and Medium Businesses, Partnerships, Sole Traders, Employees, and all individuals who have made and received an income in [the] 2021/2022 financial year to fulfil their tax
obligations by filing those income tax forms and paying taxes due by 30th June as required by the Income Tax Act,” appealed the Minster. For the financial year 2022/2023, LRA has been directed to collect revenue of over M8
billion. Meanwhile, the Commissioner-General committed to achieving this target but cautioned it would not be a mean feat. LRA was established through Act No. 14 of 2001. It is amongst others charged with the mandate to “enhance the efficiency and effectiveness of the revenue collection…”
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