Taxation in Liberia

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“Tax evasion undermines the fairness of tax systems and costs governments, and honest taxpayers, billions of dollars every year,” Finance Minister Augustine Kpehe Ngafuan said yesterday.

The Republic of Liberia has signed an agreement allowing for exchange of tax information with Ghana on Friday, 24 February 2011.

The now infamous Deepwater Horizon oil rig is, according to international law, a ship. Though it’s owned by Swiss-based offshore drilling company Transocean and operated by British Petroleum, the rig is registered to the Marshall Islands, thousands of miles from Europe.

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) says Liberia is far behind other countries in the region with regard to the development of an Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework.

A new Tax Information Exchange Agreement with Liberia was signed in London on 1 November 2010.

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