Reported by: Prince Saah
Monrovia, Liberia -The newly formed Liberian Institute of Tax Practitioners (LITP) has completed the validation and alignment of its rules, paving the way for the full deployment of operations intended to regulate and professionalize tax practice throughout the nation, ushering in a new era for Liberia’s tax industry.
In an effort to make sure the institute’s rules are fully in accordance with the Act that formally constituted the body in April of this year, seasoned tax professionals, financial experts, and attorneys recently completed a one-day validation exercise.
The LITP was established by legislation to improve tax administration and raise professional standards. Today, it is Liberia’s official regulatory body in charge of training, licensing, and supervising tax professionals across the country. During the exercise, Arthur Fumbah, Acting Vice President of LITP, said the validation process was an important step in preparing the institute for successful national operations.
“This exercise is very important because the institute is the legal regulatory body charged with implementing, overseeing training, and licensing tax practitioners in Liberia,” Fumbah said.
In addition to getting ready to receive a group from the West Africa Union of Tax Institutes for potential regional cooperation and partnership, he revealed that the institution is currently moving toward its first elections, which are scheduled for September. According to Fumbah, the planned collaboration might bolster Liberia’s domestic income generating initiatives, increase compliance, and standardize tax systems in the nation.
“We are moving rapidly because we are preparing for the visitation from the West Africa Union of Tax Institutes, and the results from this exercise will be submitted to our governing council,” he noted.
Fumbah expressed gratitude to the legal professionals who took part in the exercise and promised to keep working together to make sure the institute has a solid operational foundation. Additionally, he urged Liberian tax experts to actively engage in the institute’s forthcoming elections and membership registration process, emphasizing that the institution’s success will rely on the combined dedication of industry professionals.
The Acting Vice President expressed that the Government of Liberia has promised the institute full political backing as it launches operations and grows throughout the nation’s fifteen counties. “Government expects a lot from this institution. We have the opportunity to build one of the strongest professional bodies in Liberia if we remain committed and work hard for our people,” Fumbah emphasized.
Many analysts see the creation of the Liberian Institute of Tax Practitioners as a significant step toward enhancing professional integrity, tax compliance, and accountability in Liberia’s revenue and financial governance system.
