Those who met the March 30 Deadline gets six (6) months tax clearance for complying.”
GST is imposed on the supply of taxable goods and services in Liberia. Taxable persons charge GST on their taxable supplies (output tax) and are charged with GST on goods which they receive (input tax).
The current standard rate of GST imposed on taxable goods and services is 7%.
Any person who carries on any business of manufacture or business of providing taxable services exceeding an annual threshhold of LDR 5m has an obligation to register for GST
Personal income tax withholding tax is on a progressive scale. Tax is applied on payments or benefits received in the form of non-cash property including the following: Employment income is deemed to arise in Liberia if the employment giving rise to the income is carried on in Liberia irrespective of where the contract of employment is signed or payments are made.
Generally residents are taxable on all income regardless of source. Therefore, foreign source income by a resident is taxable in Liberia subject to available foreign tax credit relief. Non-residents are subject to tax on income having a source in Liberia. The Corporation tax rate is 25% and 30% for general companies and mining/petroleum companies respectively. Some mining/petroleum companies have concessionary tax rates with the government. Withholding taxes also apply to certain types of income for both residents and non-residents. Withholding tax on interest, dividends, and royalties paid to a non-resident is the final tax.