The principal sources of revenue will be customs duties ($ # million), payroll taxes ($ # million), international company fees ($ # million) and land taxes ($ # million
Indeed, according to the present Ministry of Finance, the only record of payments by OTC to legitimate Government of Liberia accounts is for payroll taxes
His budget would also increase taxes on corporations, and would end the current payroll-tax “holiday,” imposing an additional 2% tax on all wage earners.
This serious revenue boost was not counted in standard reports, because the payroll-tax “holiday” for 2011-2012 had always been treated legally as temporary.
The principal sources of revenue will be customs duties ($186 million), payroll taxes ($185 million), international company fees ($49 million) and land taxes ($40 million).
The degree of informality was higher if measured according to whether payroll taxes were paid or withheld (two-thirds were informally employed based on this criterion).
The degree of informality was higher if measured according to whether payroll taxes were paid or withheld (two-thirds were informally employed based on this criterion
This discourages no-tip policies because employers would pay 7.65% additional payroll taxes and up to 9% worker's compensation premiums on higher wages in lieu of tips.
Therefore, cutting the payroll tax rate in 2011-2012 and making the rate schedule more graduated (on the Medicare side) were mistakes from the standpoint of efficient taxation.
Under a mandatory system financed through payroll taxes, there must be enforceable sanctions for evading contributions and falsely reporting items such as payroll size and number of employees.
In March 2011, the party opposed the government's plans to increase taxes on the self-employed, and instead proposed funding cuts in payroll tax by cutting government spending.
There is a broad-based move away from payroll taxes and towards indirect taxation in the expectation that it will promote private investment and encourage the creation of employment