The government of Liberia through the Ministry of Finance and Development Planning (MFDP) has issued a regulation to waive all “Penalties and Interests” on overdue taxes for all tax payers including businesses and individuals in the country.
According to a press release from the Ministry of Finance and Development Planning, the decision to waive these taxes and penalties was approved by President Ellen Johnson-Sirleaf. The Finance Ministry's press release indicated that the waivers were contained in an “Administrative Regulation” issued through the Ministry of Foreign Affairs. The regulation is expected to be published on the MFDP and Executive Manson’s websites. “The waiver of 100 percent of Penalties and Interests are for those who pay in full their taxes within 60 days or by June 30, 2016,” the release stated, clarifying further that the waiver relates to taxes accrued up to and including April 30, 2016. The Ministry said for petty traders, “all fees including registration, Penalties and Interests up to June 30, 2015 are also waived 100 percent.” The MFDP release noted that properties' owners who proceed to making payment on their properties immediately will benefit from the waiver of Penalty and Interest. Additionally, the five years payment of tax arising on real properties purchased is being temporarily suspended. “The amnesty on Penalty and Interest is intended to encourage businesses and individuals to regularize their tax obligation and continue payment on an ongoing basis,” the MFDP release concluded.