MONROVIA, LIBERIA-The Executive Branch of the Government of Liberia has submitted for legislative enactment a proposed bill to amend the Liberia Revenue Code through the establishment of a legal framework for Tax Incentive and Expenditure Management.

According to the Executive, the bill responds to critical gaps in the current Revenue Code, particularly in the classification, approval, administration, monitoring, and review of tax expenditures.

President Boakai, in a communication, said,” The current structures of the Revenue Code have resulted in significant revenue losses when measured against the benchmark tax system”.

President Boakai said,” As a consequence of the foregoing, both domestic and international stakeholders have consistently called for reforms that promote transparency, equity, and fiscal discipline”.

He added that the proposed legislation is key to addressing concerns by consolidating the legal and institutional mechanisms governing tax expenditures.

President Boakai said,” The bill establishes a comprehensive framework for managing all tax incentives, and aligns with Liberia’s commitment to fiscal accountability.

Meanwhile, the Executive has urged the National Legislature to act swiftly and enact the bill, which, it says, represents a decisive step toward reinforcing Liberia’s legal architecture for tax incentive governance.