President George Manneh Weah has approved a new schedule which aims at reducing tariffs on a variety of commodities being imported into the Liberian market.
The new tariff regime was submitted to the President by the Liberia Revenue Authority’s (LRA) Commissioner-General Elfrieda Tamba in keeping with an earlier mandate to do so within 72 hours.
According to a release from the Ministry of Information Culture Affairs and Tourism, schedule takes immediate effect and makes reductions ranging from 81 to 40 percent in over 2000 widely consumed commodities.
Some of the reductions include pig feet (81%), chicken feet (63%), vegetable oil (41%), onions (53%), used clothing (41%) and mosquito coil (65%), among others.
The release also added that President Weah has mandated the Ministry of Commerce and Industry to immediately proceed with the implementation of the reduction in the prices of the affected commodities to bring relief to the poor masses.
President Weah also warned that any business entity caught engaging in price hike or profiteering in the wake of the tariff reduction will bear the full weight of the law.
Meanwhile, the government of Liberia said the new tariff regime approved by the president will meet all requirements of the law including the ECOWAS Common External Tariff, which was passed into law on December 14, 2017.