{"id":55714,"date":"2024-04-12T11:22:00","date_gmt":"2024-04-12T11:22:00","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry"},"modified":"2024-04-12T12:07:28","modified_gmt":"2024-04-12T12:07:28","slug":"liberia-losses-us250-3m-in-quarry-industry","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry","title":{"rendered":"Liberia losses US$250.3m in quarry industry"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>In attracting both domestic and foreign investment, particularly within the extractive industry, IWL has suggested that tax incentives play a significant role.<\/p>\n

<\/b>Integrity Watch Liberia (IWL) has documented Liberia\u2019s tax incentives losses of US$250.3m between 2015 and 2016 in the quarry industry, which involves the extraction of sand, rocks, and other minerals.<\/p>\n

A fact-finding research conducted by the group discovered that Liberia experienced substantial revenue losses of US$133.7 million and US$116.6 million between 2015 and 2016, respectively.<\/p>\n

IWL submitted the report to members of the African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT) on Capitol Hill on Wednesday, 10 April 2024.<\/p>\n

IWL Executive Director Mr. Harold Aidoo said tax incentives play a significant role in attracting both domestic and foreign investment, particularly within the extractive industry.<\/p>\n

Aidoo told the committee members that the latest findings from IWL are a comprehensive study on the sand mining and quarrying industry.<\/p>\n

He detailed that the study sheds light on the driver\u2019s financial landscape within the sector, and it further highlights significant vibration in the operational scale.<\/p>\n

He stated that larger companies like Z&C Rock Crusher stand out with substantial revenue figures, demonstrating significant market impact and operational scales.<\/p>\n

In addition to company-specific data, he indicated that the study also examined broader trends in revenue generation within the industry.<\/p>\n

From 2020 to 2023, he said revenue from sand mining and quarrying activities in Montserrado and Margibi counties exhibited fluctuations.<\/p>\n

Despite an initial increase from $108,986.21 in 2020 to $202,885.53 in 2021, he stated that there was a slight decline in 2022 to $189,842.22, followed by another increase to $210,294.44 in 2023.<\/p>\n

However, he said their effectiveness in stimulating economic growth while ensuring robust domestic revenue mobilization has been a subject of debate by the citizenry.<\/p>\n

Aidoo revealed that the tax incentives averaging about 30% of revenue and 6% of GDP annually, represent untapped potential crucial for supporting national policy agendas.<\/p>\n

\u201cThese findings highlight the importance of a balanced approach to tax incentives, one that promotes investment while safeguarding the country\u2019s fiscal interest and ensuring equitable distribution of benefits for all stakeholders,\u201d he said.<\/p>\n

Receiving the research findings on behalf of the APNIFFT parliamentary members, River Gee County Senator Francis Dopoh thanked IWL for the research conducted and vowed to consider the report.<\/p>\n

He said it is brilliant, and it comes at a time when there are a series of discussions surrounding this issue.<\/p>\n

\u201cBut we want to commend you for bringing this to our notice,\u201d he said.<\/p>\n

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

Africa-Press – Liberia. In attracting both domestic and foreign investment, particularly within the extractive industry, IWL has suggested that tax incentives play a significant role. Integrity Watch Liberia (IWL) has documented Liberia\u2019s tax incentives losses of US$250.3m between 2015 and 2016 in the quarry industry, which involves the extraction of sand, rocks, and other minerals. […]<\/p>\n","protected":false},"author":84,"featured_media":55712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,244],"tags":[233,237,234],"class_list":["post-55714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-to-homepage","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nLiberia losses US$250.3m in quarry industry - Liberia<\/title>\n<meta name=\"description\" content=\"In attracting both domestic and foreign investment, particularly within the extractive industry, IWL has suggested that ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberia losses US$250.3m in quarry industry\" \/>\n<meta property=\"og:description\" content=\"In attracting both domestic and foreign investment, particularly within the extractive industry, IWL has suggested that ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-12T11:22:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-12T12:07:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/04\/sm_1712910935.928967.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"622\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Liberia losses US$250.3m in quarry industry\",\"datePublished\":\"2024-04-12T11:22:00+00:00\",\"dateModified\":\"2024-04-12T12:07:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry\"},\"wordCount\":422,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/04\/sm_1712910935.928967.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"economy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-losses-us250-3m-in-quarry-industry\",\"name\":\"Liberia losses US$250.3m in quarry industry - 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