Invoicing and Tax regulation in Liberia
Invoicing Regulation in Liberia
In Liberia, invoicing is a mandatory part of the business transaction for B2B, B2C, and B2G. Each invoice must include key details such as the description of goods and services, amounts, tax details, buyer and seller information.
Real-time Reporting / Fiscalization in Liberia
There is no specific requirement for real-time reporting or fiscalization in Liberia. However, businesses are expected to maintain accurate records for future financial audits.
E-invoicing in Liberia
E-invoicing is currently not mandatory in Liberia. It’s also important to note that there are not yet any established standards or systems for e-invoicing in the country. Businesses are allowed to adopt any system so long as it ensures the integrity and accuracy of invoices.
VAT/GST/Tax Compliance in Liberia
In terms of tax compliance, it is mandatory for businesses to adhere to Liberia's tax regulations. Liberia currently has a Goods and Services Tax (GST) at a standard rate of 10%. VAT is not applied in Liberia. Compliance with all tax laws is crucial for businesses and penalties are enforced for non-compliance.