Monrovia, April 24 -- President Joseph Boakai has proposed amending Chapter 10 of the Liberia Revenue Code (LRC), advocating for the adoption of a value-added tax (VAT) to replace the current goods and services tax regime.

In a letter addressed to House Speaker Fonati Koffa, President Boakai said implementing VAT would enhance tax compliance and boost revenue generation.

"... By the adoption of VAT, the Government of Liberia intends to use it as a catalyst for improving Liberia's tax system in response to the increasing need to improve tax compliance and hence maximize revenue generation for national development," the President said. "The VAT, as proposed, is a neutral tax; broad-based with minimum exemptions; transparent; and, more imp...