Vice President Joseph N. Boakai says the Government of Liberia is focused on strategic investment, both domestic and foreign.
He cited value chain plus downstream processed goods and in manufacturing, seek to expand electricity distribution; link creative financing for Major Small Medium Enterprise and commercially viable businesses.
VP Boakai said Liberia, being such an investment friendly country, has aggressively created an atmosphere conducive to investment, and pointed out that Liberia’s Profit Tax Rate is 25% or 2% on turnover, with very limited capital controls and 100% of profit is available for repatriation.
He also explained that 30% incentive deduction is allowed on up to 100% of qualifying cost of equipment and machinery for investment of over US$1million, said a dispatch from the United States.
“You can also obtain a tax deduction of 10% off cost of building and fixtures used in manufacturing process that produce finished products having 60% local raw material,” Vice President Boakai noted, adding, investments in economically deprived zones, or those generating more than 100 direct jobs qualify for additional incentives of up to 12.5% and further 10%, respectively.
Vice President Boakai made the remarks at the weekend when he delivered the keynote address at the Liberian Business Forum at Greenberg Traurig in Philadelphia, Pennsylvania, the United States of America.
He noted that the Liberian Government sees limitless possibilities in the expansion and deepening of relationship in the country, covering the areas of trade, economics, security, governance, health and education.
Vice President Boakai informed United States investors that the Government of Liberia recently launched the Liberia Agricultural Transformation Agenda (LATA), a new policy framework and vision for developing agriculture and agribusiness directly supported by the highest leadership of the country with a focus to support value addition in agriculture through financing, public goods and market access.
He stressed that “the climate of peace and stability continue to prevail if we are to consolidate and further expand our gains. We have gone to great lengths to build a tolerant and democratic governance system in Liberia.”