{"id":56121,"date":"2024-04-19T16:03:36","date_gmt":"2024-04-19T16:03:36","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat"},"modified":"2024-04-19T16:45:59","modified_gmt":"2024-04-19T16:45:59","slug":"assistant-lra-commissioner-outlines-importance-of-vat","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat","title":{"rendered":"Assistant LRA Commissioner Outlines Importance Of VAT"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>A three-day intensive training on the Value Added Tax (VAT) for Tax Administrators has begun in Liberia, with the Assistant Commissioner at the Large Tax Division of the Department of Domestic Tax at the Liberia Revenue Authority (LRA) outlining the significance of VAT.<\/p>\n

The training is in preparation of tax administrators ahead of the passage of the VAT Law by the Legislature.<\/p>\n

Speaking at the start of the three-day training, Madam Margaret P. Krote stated that the series of VAT trainings are testaments of the LRA\u2019s commitment to turn the corner on VAT.<\/p>\n

Madam Krote noted that the LRA aims to be ready on Day 1 when the VAT Law is passed by the National Legislature and assented to by the President of Liberia.<\/p>\n

According to her, the country is only assured of a seamless implementation of VAT in Liberia if the capacities of analysts and policymakers are built, and public awareness is sustained.<\/p>\n

The LRA official pointed out that the ongoing training is part of way of achieving these two objectives and outcome.<\/p>\n

\u201cBefore now, The Government of Liberia, with support from partners, held public consultations on VAT implementation in various parts of the country. During those consultations, the public participated in discussions on the tenets, benefits, and challenges of VAT. The VAT Bill we have today has taken into consideration feedback from the public consultations.\u201d<\/p>\n

She indicated that VAT is a step further from the single-stage and simplistic Goods and Service Tax (GST) regime, stressing further that it is a multi-stage, broad-based and self-regulating tax on consumption.<\/p>\n

Assistant Commissioner Krote maintained that the operation of VAT has the potential or ability to grow revenue.<\/p>\n

\u201cAs you go through the training, there will be engaging discussions, case studies, and interactive sessions. These are aimed at deepening your knowledge and providing you with a skillset\/tool necessary to navigate the challenges and capitalize on the benefits associated with VAT.\u201d<\/p>\n

\u201cI know the wait-time for VAT implementation in Liberia has been so long. Our partners and you the trainees are eager to see an end of this wait-time. As so, we have utilized our engagement with the National Legislature during this year\u2019s Budget Hearing to elevate discussion on the passage of the draft VAT Law (VAT Bill). Presently, the bill is before the Legislature for ratification. We have emphasized to the Legislature that the passage of the bill will unlock some funding already considered in the draft National Budget for 2024. We are satisfied with the trend of discussion and are confident of early passage of the VAT bill into Law.\u201d<\/p>\n

Madam Krote then lauded the tremendous support of the Economic Community of West African States (ECOWAS) to LRA.<\/p>\n

ECOWAS, through its Support Tax Transition Program (PATF), she disclosed, is sponsoring ongoing VAT implementation training workshop.<\/p>\n

\u201cBesides this, the program provided support for peer-learning and knowledge sharing wherein lawmakers and policymakers visited and had exchanges with stakeholders of countries already implementing VAT. In addition, the program is sponsoring a long-term resident Tax Expert in Liberia to advise the Government of Liberia on VAT implementation. We are immensely grateful to ECOWAS for all these supports.\u201d<\/p>\n

In remarks, Mr. Munyentwali Gradi, ECOWAS Resident Tax Consultant, says the overall objective of this workshop is to pass on the information on the content of Liberia\u2019s VAT law as well as international best practices related to effective and efficient VAT administration.<\/p>\n

He asserted that the initiative is intended to review of the basics of VAT, discuss the content of Liberia\u2019s VAT law, share best practices in VAT administration and prepare a brief report on potential challenges in implementing of VAT in Liberia by the LRA.<\/p>\n

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

Africa-Press – Liberia. A three-day intensive training on the Value Added Tax (VAT) for Tax Administrators has begun in Liberia, with the Assistant Commissioner at the Large Tax Division of the Department of Domestic Tax at the Liberia Revenue Authority (LRA) outlining the significance of VAT. The training is in preparation of tax administrators ahead […]<\/p>\n","protected":false},"author":84,"featured_media":56120,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,237,234],"class_list":["post-56121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nAssistant LRA Commissioner Outlines Importance Of VAT - Liberia<\/title>\n<meta name=\"description\" content=\"A three-day intensive training on the Value Added Tax (VAT) for Tax Administrators has begun in Liberia, with the Assist ...\" \/>\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\/assistant-lra-commissioner-outlines-importance-of-vat\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Assistant LRA Commissioner Outlines Importance Of VAT\" \/>\n<meta property=\"og:description\" content=\"A three-day intensive training on the Value Added Tax (VAT) for Tax Administrators has begun in Liberia, with the Assist ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat\" \/>\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=\"2024-04-19T16:03:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-19T16:45:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/04\/sm_1713532486.976667.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1430\" \/>\n\t<meta property=\"og:image:height\" content=\"838\" \/>\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=\"3 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\/assistant-lra-commissioner-outlines-importance-of-vat#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Assistant LRA Commissioner Outlines Importance Of VAT\",\"datePublished\":\"2024-04-19T16:03:36+00:00\",\"dateModified\":\"2024-04-19T16:45:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat\"},\"wordCount\":630,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2024\/04\/sm_1713532486.976667.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/assistant-lra-commissioner-outlines-importance-of-vat\",\"name\":\"Assistant LRA Commissioner Outlines Importance Of VAT - 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