Business

MONROVIA,LIBERIA-The Liberia Revenue Authority (LRA) slightly exceeded its projected revenue target for the month of October 2018 by US$7.98 million, equating to 22 percent, a release has said.

According to the release, the LRA, based on historical indices and seasonal tax, projected US$36.959 million as revenue for the month but actualized US$44.936 million.

The amount collected for the month represents 100% domestic revenue, meaning there was no external resource or donor fund for the period.

Domestic Tax Department contributed US$30.14 million or 67%, while the Department of Customs collected US$14.79 million, an equivalent of 33%.

Comparing revenue performance for the same period in 2017/2018 fiscal year, collection this year increased by 30 percent.

Meanwhile, total revenue collected in the first four months of the fiscal year 2018/2019 is US$161.9 million, comprising 154.9 million or 95.7% in domestic revenues, and US$7.0 million or 4.3% in external resources.

External resources represent monies or budgetary support provided by foreign government or multilateral bodies like the IMF, World Bank or European Union.