Page 28 - Profmark Africa Overview 2024

Liberia (GMT)

General:
▪ Capital City: Monrovia
▪ Official Language: English
▪ Currency: Liberian Dollar (LRD) and US Dollar (USD)
▪ Main Exports: Rubber, diamonds, gold, iron
▪ Surface Area: 111.4 sq. km (thousands)
▪ Population: 5,536 million (2024,est)
Key Economic Indicators:
▪ GDP: $4.3 billion (2023) / GDP Growth Rate: 4.7% (2023)
▪ CPI Inflation Rate (annual): 23.6% (2023)
▪ Sovereign Credit Rating: Currently no rating
▪ Indicator of Economic Freedom Score: 49.9/100
Exchange Controls:
▪ Exist, but liberal
Basis of Taxation: (Tax Year End: 31 December)
▪ Residents: Worldwide income
▪ Non-residents: Liberian-Source income
Tax Rates:
▪ Individuals: Progressive rates to 25% [from LRD 0 to 70,000 of taxable income - 0%]
▪ Companies: 25%
▪ Inheritance and Donations Taxes: N/A
▪ General Sales Tax: between 7% to 15% depending on the nature of the taxable
supplies
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: Germany and Sweden
Useful links:
▪ Central Bank of Liberia http://www.cbl.org.lr/
▪ Liberia Revenue Authority http://lra.gov.lr/
▪ Liberia National Investment Comission http://www.investliberia.gov.lr/
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