{"id":55544,"date":"2024-04-09T16:28:00","date_gmt":"2024-04-09T16:28:00","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/lra-boss-dorbor-boasts-high-domestic-revenue-generation-in-fy2024-despite-decrease-in-projected-national-budget"},"modified":"2024-04-09T17:02:50","modified_gmt":"2024-04-09T17:02:50","slug":"lra-boss-dorbor-boasts-high-domestic-revenue-generation-in-fy2024-despite-decrease-in-projected-national-budget","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/lra-boss-dorbor-boasts-high-domestic-revenue-generation-in-fy2024-despite-decrease-in-projected-national-budget","title":{"rendered":"LRA Boss Dorbor Boasts High Domestic Revenue Generation in FY2024 Despite Decrease in Projected National Budget"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>James Dorbor Jallah, Commissioner General of the Liberia Revenue Authority (LRA), says the projected increase in domestic revenue generation this fiscal year is a clear indication that Liberia is on the right track.<\/p>\n

Speaking at the opening of the 2024 budget hearing, Jallah highlighted that although the overall projected budget for 2024 decreased by US$55.8 million compared to last fiscal year\u2019s revised budget of US$715.9 million, the rise in domestic revenue showcases an effective revenue generation effort.<\/p>\n

\u201cThe Liberia Revenue Authority, fully cognizant of the uncertainties triggered by the 2023 electoral process, navigated the landscape with a collection of US$715.9 Million, thereby falling short of the revised budget by US$55.8 Million. However, amid this shortfall, I am pleased to report that our domestic revenue collection stood resilient at US$611.9 Million, exceeding collections from all preceding years, except for fiscal year 2022,\u201d Dorbor said.<\/p>\n

He emphasized that this achievement is significant and highlights the effectiveness of the country\u2019s revenue mobilization efforts, despite persistent challenges, particularly regarding State-Owned Enterprises (SOEs) consistently falling short of projections and issues with the misuse of Duty-free privileges.<\/p>\n

\u201cAs we embark on these hearings, it is crucial to inject realism into the revenue forecasting for SOEs and scrutinize the extent of revenue foregone through tax exemptions and waivers,\u201d he added.<\/p>\n

The LRA Commissioner General also expressed unwavering confidence in achieving the lawful revenue target for fiscal year 2024 but noted that this optimism relies on the support and collaboration of the Legislature.<\/p>\n

He emphasized the urgent need for rehabilitating dilapidated rural tax and customs offices, essential for the effective decentralization of revenue collection.<\/p>\n

Dorbor highlighted the importance of identifying critical areas with significant revenue potential, such as transitioning from the current GST regime to a VAT regime with a broader tax base, as GST generates less than 3% of GDP.<\/p>\n

Reflecting on the past fiscal year, Dorbor mentioned that at the beginning of fiscal year 2023, the Legislature approved a revenue budget of US$782.9 million, later revised to US$771.7 million following a midyear review.<\/p>\n

Also speaking at the hearing, Montserrado County District #16 Representative, Dixon W. Seboe, chairman of the Joint Budget Committee of the 55th Legislature, reiterated the Committee\u2019s commitment to implementing their strategies.<\/p>\n

The Joint Budget Committee comprises Committees on Ways, Means, and Development Planning, and the Public Accounts & Expenditure from both the House of Representatives and Senate.<\/p>\n

Finance and Development Planning Minister Boima Kamara expressed government\u2019s optimism about expanding economic growth to its targeted US$1 billion.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. James Dorbor Jallah, Commissioner General of the Liberia Revenue Authority (LRA), says the projected increase in domestic revenue generation this fiscal year is a clear indication that Liberia is on the right track. Speaking at the opening of the 2024 budget hearing, Jallah highlighted that although the overall projected budget for 2024 […]<\/p>\n","protected":false},"author":84,"featured_media":55543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[233,237,234],"class_list":["post-55544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nLRA Boss Dorbor Boasts High Domestic Revenue Generation in FY2024 Despite Decrease in Projected National Budget - Liberia<\/title>\n<meta name=\"description\" content=\"James Dorbor Jallah, Commissioner General of the Liberia Revenue Authority (LRA), says the projected increase in domesti ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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