MONROVIA, LIBERIA-A four-year report covering the mandate of ECOWAS has revealed the regional body’s preparedness to introduce the Value Added Tax (VAT) in Liberia, beginning 2023.
ECOWAS said the VAT will impose 0.5 percent tax levy on all goods and services from non-member state.
According to the report, the purpose of applying VAT in Liberia’s tax system is to generate tax revenues that will enable the ECOWAS Commission to implement programs.
It said the program which falls directly under the Customs Union and Taxation of the Trade protocol will be introduced in Liberia and Guinea Bissau.
In the area of illicit financing, the report recommended the need for member states to strengthen their capacity, to prosecute criminal cases and exchange information of financial flows.
In terms of health, the report acknowledged that the ambitious step taken by Liberia’s health authorities to contain the spread of the Coronavirus.
The report highlighted the urgent need for the ECOWAS Commission to intensify its efforts and actions, to support the most disadvantaged population of the ECOWAS Community.
It said over the next thirty years, all the Commission’s actions and decisions will take into account the objectives of the 2050 Vision.