Liberia’s President Joseph Nyuma Boakai, Sr. presented the draft 2025 National Budget to the National Legislature on 18 November 2024.
The 2025 National Budget is US USD 851.8 million (comprising core revenue of USD 833 million and contingent revenue of USD 18.8 million) to the Presiding Officer of the House of Representatives through the Chief Clerk.
The draft national budget for 2025 represents a 15.3% increase over the 2024 Recast Budget total appropriation of USD 738.9 million.
Though detailed information about tax measures is limited, some of the key aspects of the budget are withholding taxes and VAT.
Liberia’s government is considering increasing the withholding tax on consultancy services from 2% to 10% in FY 2025.
The government also plans to implement a new VAT system in 2026 with a standard rate of 18%. The new VAT system will replace the existing 10% goods and services tax. Furthermore, the government is expected to expand the capacity of the Board of Tax Appeals to handle more transfer pricing cases.
