Ministry of Finance & Development Planning has announced that the government has recorded a significant jump in domestic revenue to the tune of $560 million United States dollars for the period April 2020 to June 30, 2021.
Speaking Thursday at the Ministry of Information Cultural Affairs and Tourism regular press briefing in Monrovia, Deputy Finance Minister for Fiscal Affairs Samora Wolokollie said, this magnificent performance in domestic revenue generation can be credited to various tax policies.
Wolokollie said that going forward, into the foreseeable future Government will continue to take deliberate steps aimed at increasing domestic revenue so that the lives of Liberians are improved and infrastructure development is achieved.
Giving the total draft budget for the Fiscal Year 2020/2021, covering the period July 1, 2020 – June 30, 2021, as enacted by the National Legislature and signed into law by President George Weah, was $570.1 Million United States dollars.
The breakdowns are, domestic revenue – $428.1 million dollars, external resources – $132.0 million dollars, brought forward – $10 million dollars, total – $570.1 Million Dollars
He further that in spite of the recast to increase the resource envelope for the budget year under review, the year-end revenue-again exceeded projection.
The Deputy Finance Minister for Fiscal Affairs added that at the end of the year (June 30, 2021), and pending final reconciliation, total revenue collected for the Fiscal Year 2020/2021 amounted to $695.7 million dollars, resulting in a whopping $71.6 Million dollars over the performance of revenue.