LPRC Clarifies Contribution To Nat’l Budget

The Liberia Petroleum Refining Company (LPRC) has clarified that it has never refused to pay Taxes and Dividend in contributing to the National Budget as reported in several local newspapers.

In its clarity, the LPRC Management said, “In fact, the LPRC has been one of the most consistent dividend contributors and would indicate that a total of US$4.3 million was paid in Dividend and Corporate    Income Tax in 2013, specifically, $2.3 million in Corporate Income Tax and US$2 million in Dividend.”

In November, 2013, the Ministry of Finance requested the amount of US$4 million from LPRC as Dividend for the 2013/2014 Budget year without the prior consent and input from the LPRC Board of Directors as mandated by the Public Financial Management Act of 2009.

According to the Public Financial Management Act of 2009, Part X, Section 46 “The Board shall be responsible to set General policy on Dividend and ensure such policy is adopted and respected by the management of the state-owned enterprise, taking due consideration of the Financial well being of the enterprise.”

“On November 15, 2013, a partial payment of US$1 million was made to the MOF as Dividend to the National Budget of 2013/2014.  Another payment of US1.3 million is scheduled to be paid in the first quarter of this year,” the LPRC Management stated.

Due to a $22.4 million infrastructural project, the LPRC has requested for special payment arrangement through the Deputy Minister for Revenue.  This request was made in November, 2013 and the Board declared the amount of US$2 million to be paid to the Ministry of Finance (MOF).

“Let it be clearly stated that the LPRC has consistently contributed to the National Budget by making timely and substantial contributions.  The LPRC is prepared and intends to continue to fulfill its financial obligation to the nation,” the release stated.