- 18 Apr
WE MUST CONSOLIDATE AND EXPAND THE GAINS MADE THUS FAR IN LIBERIA, VICE PRESIDENT JOSEPH N. BOAKAI TELLS LIBERIANS AND INVESTORS IN THE USA
From the Desk of Atty. George Kpasha Saah, Director Media Relations (0886-514-462)
Follow The Vice President’s activities on his WEB.@ Josephboakai.com or FACEBOOK@ Joseph Nyuma Boakai
Monrovia, April 16, 2017
Vice President Joseph N. Boakai says the Government of Liberia is focused on strategic investment, both domestic and foreign in value chain plus downstream processed goods andin manufacturing, seek to expand electricity distribution; link creative financing for Major Small Medium Enterprise and commercially viable businesses.
He saidLiberia, being such an investment friendly country, has aggressively created an atmosphere conducive to investment, and pointed out that Liberia’s Profit Tax Rate is 25% or 2% on turnover, with very limited capital controls and 100% of profit is available for repatriation. He went on to explain that 30% incentive deduction allowed on up to 100% of qualifying cost of equipment & machinery for investors over $1million US dollars.
“You can also obtain a tax deduction of 10% off cost of building & fixtures used in manufacturing process that produced finished products having 60% local raw material” Vice President Boakai noted, adding, Investments in economically deprived zones, or those generating more than 100 direct jobs qualify for additional incentives of up to 12.5% & further 10% respectively.
Vice President Boakai made the remarks Friday when he delivered the keynote address at the Liberian Business Forum at Greenberg Traurig in Philadelphia, Pennsylvania, the United States of America.
He noted that our Government sees limitless possibilities in the expansion and deepening of relationship in this country, covering the areas of trade, economics, security, governance, health and education.
Vice President Boakai informed United States investors that the Government of Liberia recently launched the Liberia Agricultural Transformation Agenda,LATA, a new policy framework and vision for developing agriculture and agribusiness directly supported by the highest leadership of our country with a focus to support value addition in agriculture through financing, public goods and market access.
He stressed that the climate of peace and stability continue to prevail if we are to consolidate and further expand our gains. We have gone to great lengths to build a tolerant and democratic governance system in Liberia, VP Boakai noted.