The exercise began on Monday with a formal opening ceremony witnessed by the media and was followed by the discussions of the revenue components of the budget behind closed doors with officials of the Ministry of Finance and Development Planning (MFDP) and the Liberia Revenue Authority (LRA). The Chairman of the joint committee, Rep. Thomas Fallah (District #5, Montserrado County), promised that the process will be executed expeditiously within the next two weeks. Domestic Revenue Mobilization by Economic SectorAccording to Dr. Wolokolie, projected revenue from the extractive sector including agriculture, forestry and mining is US$56.9 million with mining constituting US$39.7 million, agriculture US$13.1 million and forestry US$4.1 million. New Tax Policy and Revenue MeasuresAlso, to be submitted along with the FY 20/21 budget document, Wolokolie noted that there is a set of new measures to improve tax policy and administration. Meanwhile, hearing of the revenue portion of the budget continues Tuesday with the appearance of Liberia Telecommunications Authority (LTA), Liberia Maritime Authority (ʟᴍᴀ), Liberia Petroleum Refining Company (LPRC), National Port Authority (NPA) and the National Fisheries & Aquaculture Authority (NaFAA).

Source: Front Page Africa August 11, 2020 05:48 UTC