Monrovia, Liberia – Working with the Ministry of Finance and Development Planning (MFDP), the Liberia Revenue Authority (LRA) has finished a two-day intense regional validation exercise of Liberia’s second Domestic Resource Mobilization (DRM) Strategy in Buchanan City, Grand Bassa County.
Once validated and authorized, the DRM Strategy will offer a thorough structure and roadmap for the mobilization of domestic revenue over the next five years from 2024 to 2029. The new DRM Strategy aims to improve fiscal self-sufficiency, lower dependency on outside finance, increase income collecting, and lay a strong basis for inclusive economic development.
The strategy is developed under the theme: “Building a Resilient Liberia: Enhancing Domestic Resource Mobilization for National Transformation.” Two previous regional validation exercises were held earlier this month in Grand Gedeh and Bong Counties, gathering input from stakeholders in nearby counties. The western Liberia regional validation exercise is ongoing until Saturday, September 21 in Tubmanburg, Bomi County.
Participants for the Buchanan session came from Sinoe, Rivercess, Montserrado, and Grand Bassa Counties. County superintendents, corporate executives, county service center coordinators, civic society organizations, students, traditional chiefs, and young delegates were among the key attendees.
Participants gave insightful analysis, comments, and ideas meant to improve home revenue collecting. Talks centered on finding fresh income sources to widen the revenue base of the nation and lowering compliance expenses.
Participants in group presentations urged on the LRA to boost, distribute and maintain tax education and awareness campaigns by decentralizing them. They also advised changing the personal income tax table and simplifying duty-free rights, which they said were being misused by individuals who qualified. To underline the real advantages of taxes paid, they also underlined the need of more investment of tax money in big economic initiatives.
Once completely validated and embraced, this approach will guide Liberia’s domestic resource mobilization activities for the next five years, so shifting income collecting from millions to billions.
