MONROVIA – The Liberia Revenue Authority (LRA) has launched a three-day intensive training on Value Added Tax (VAT) for Tax Administrators, gearing up for the Legislature’s approval of the VAT Law.
Assistant Commissioner Margaret P. Krote, representing the LRA’s Large Tax Division, stressed the significance of VAT at the training’s commencement. She underscored the LRA’s dedication to successful VAT implementation, targeting readiness once the VAT Law receives the nod from the National Legislature and Presidential approval.
Madam Krote highlighted the importance of enhancing the skills of analysts and policymakers, along with sustaining public awareness to ensure a smooth VAT rollout in Liberia. She noted that the current training is designed to address these needs.
She pointed out that prior to drafting the current VAT Bill, the Liberian Government, with assistance from partners, engaged in nationwide public consultations. Feedback from these sessions was integrated into the VAT Bill to enhance its comprehensiveness.
Madam Krote portrayed VAT as a progression from the single-stage Goods and Service Tax (GST), emphasizing its multi-stage, comprehensive nature as a consumption-based tax system. She also highlighted VAT’s potential to bolster revenue.
The training agenda features interactive sessions, case studies, and discussions aimed at deepening participants’ understanding and equipping them with skills to address VAT-related challenges and opportunities.
Understanding the community’s anticipation for VAT implementation in Liberia, Madam Krote expressed confidence in accelerating the process. She mentioned positive discussions with the National Legislature during this year’s Budget Hearing and the pending ratification of the draft VAT Law.
She extended gratitude to the Economic Community of West African States (ECOWAS) for its substantial support through the Support Tax Transition Program (PATF), sponsoring the current training. ECOWAS has also facilitated knowledge exchange and provided a long-term Tax Expert to guide the Liberian Government on VAT matters.
Mr. Munyentwali Gradi, the ECOWAS Resident Tax Consultant, outlined the workshop’s goals, including familiarizing participants with Liberia’s VAT law and international best practices. He added that the initiative will encompass VAT fundamentals, details of Liberia’s VAT legislation, and a report on potential VAT implementation challenges by the LRA.
