In collaboration with the Ministry of Finance and Development Planning (MFDP), the Liberia Revenue Authority (LRA) has concluded a two-day intensive regional validation exercise of Liberia’s second Domestic Resource Mobilization (DRM) Strategy in Buchanan City, Grand Bassa County.
Once validated and approved, the DRM Strategy will provide a comprehensive framework and roadmap for the mobilization of domestic revenue over the next five years – 2024 to 2029.
The objective of the new DRM Strategy is to bolster revenue collection, reduce dependence on external funding, enhance fiscal self-reliance, and establish a strong foundation for inclusive economic growth.
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.
The Buchanan session brought together participants from Sinoe, Rivercess, Montserrado, and Grand Bassa Counties. Key stakeholders in attendance included county superintendents, business leaders, county service center coordinators, civil society organizations, students, traditional chiefs, and youth representatives.
Participants provided valuable insights, suggestions, and recommendations aimed at strengthening domestic revenue mobilization. Discussions focused on reducing compliance costs and identifying new revenue streams to expand the country’s revenue base.
During group presentations, participants called on the LRA to increase, decentralize and sustain tax education and awareness activities. They also recommended revising the personal income tax table and streamlining duty-free privileges, which they claimed were being abused by those enjoying them. Additionally, they emphasized the need for increased investment of tax revenues in major development projects to highlight the tangible benefits of taxes paid.
Once fully validated and adopted, this strategy will shape Liberia’s domestic resource mobilization efforts for the next five years, with the goal of moving revenue collection from millions to billions.
