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LOWTAX
OFFSHORE
LIBERIA:
EXECUTIVE SUMMARY |
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LIBERIA INFORMATION: BUSINESS, TAXATION AND OFFSHORE |
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Executive Summary
Liberia,
on the west coast of Africa, has an area of 99,067
sq km. A low coastal belt is backed by gently
undulating forested plateau; then in the north
is a mountain region which includes Mount Nimba
at 1,752m. The climate is tropical, hot and humid.
The capital is Monrovia, which together with the
newer port of Buchanan are amongst the most modern
ports on the west coast of Africa. There are direct
scheduled flights from both Europe and the US
to Roberts International Airport on the outskirts
of Monrovia.
The
foundation and initial colonization of Liberia
in the 1820s resulted from a number of initiatives
in which enslaved African Americans returned to
Africa in an eventually successful attempt to
create a republic on libertarian lines. By 1840
a number of Liberian colonies had united in a
Commonwealth. The Liberian settlers were relatively
few in number, and invited participation in their
economy from indigenous African tribes. Eventually
these migrants outnumbered the colonists; by now,
descendants of the original settlers make up no
more than 5% of the total population of 3.4m.
After a period of settled government in which
Presidents Tubman and Tolbert were prominent,
Tolbert was assassinated in 1980 by Samuel Doe,
who became president. This regime was legitimized
in 1986 with the establishment of the 2nd Liberian
republic. In 1989 Charles Taylor toppled Doe's
government, leading to a period of chaos and civil
war. Businessman Gyude Bryant was chosen to lead
a transitional government under UN sponsorship
at all-party peace talks in August 2003 after
Taylor was forced to step down. Crucial elections
were held in October, 2005, resulting in the appointment
of Ellen JOHNSON-SIRLEAF as President.
Liberia
has plentiful water, mineral resources, forests,
and a climate favorable to agriculture, and has
been an exporter of raw timber, rubber, diamonds,
iron ore, coffee and cocoa. The fairly small manufacturing
sector has been mostly foreign owned. External
confidence in the key diamond extraction industry
has largely been re-established, with Canadian
company Diamond Fields to the fore in resuming
foreign investment. GDP has been growing strongly:
9.7% in 2007 and 7.8% in 2008.
Liberia's
success story, however, has been its shipping
registry, which after some problems in the
1980s is now rapidly growing back to its former
prominence. Currently it is the world's second
largest registry - previously it was the leading
registry.
Foreign
companies can operate in Liberia through local
agents, a local corporation or a branch. Liberia
has a very liberal business climate. There are
no statutory foreign exchange controls in Liberia,
and funds may generally be freely remitted into
and out of the country. There is a dual system
of statutory law based on Anglo-American common
law for the modern sector and customary law based
on unwritten tribal practices for the indigenous
sector. Non-resident companies, ie those with
external ownership, are not subject to taxation.
At
the International Reconstruction Conference on
Liberia held at UN Headquarters in New York in
February, 2004, a total of $520 million was pledged
to help Liberia meet a host of reconstruction
and humanitarian needs over the following two
years. UN Secretary-General Kofi Annan told the
two-day meeting that Liberia had arrived at a
moment of hope, and that the conference demonstrated
international solidarity with Liberia at a decisive
moment. US Secretary of State Colin Powell, in
describing the United States as "Liberia's
best and oldest friend," said stability in
Liberia was critical to peace and well-being throughout
West Africa. "The United States will stand
by Liberia," promised Powell.
A
Governance and Economic Management Action Plan
was created in October 2005 by the International
Contact Group for Liberia to help ensure transparent
revenue collection and allocation - something
that was lacking under the Transitional Government
and that has limited Liberia's economic recovery.
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