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MONROVIA, November 10 (LINA) - Cabinet has unanimously endorsed an amendment to Chapter 89 of the Executive Law, repealing Decree No. 14 of the People’s Redemption Council of the Armed Forces of Liberia to an Act establishing the National Social Security and Welfare Corporation (NASSCORP).
According to an Executive Mansion release, the proposed amendment once effectuated shall be applied to the following, including the President, Vice President, the Speaker and members of the House of Representatives, the Chief Justice and Associate Justices of the Supreme Court, the President Pro-Tempore and Members of the House of Senate and Members of the Cabinet.
Meanwhile, in its determination to remain focused on current economic trend, Cabinet received updates on the existing economic outlook in furtherance of the think-tanking under the auspices of the Economic Management Team (EMT).
Cabinet was briefed on economic policies, revenue projections - working with the Liberia Revenue Authority (LRA) and the Liberia Telecommunication Authority (LTA) in view of proposed amendment to the Revenue Code, and Government Service Tax on Goods and Services.
Cabinet was also briefed on the current engagement with the logging sector regarding agreeable partnership that will address infrastructural challenges in their concession areas pertaining to road and bridge maintenance.
The Economic Management Team underscored the significance of 5 percent cuts in the budgetary allocations of Ministries and Agencies of government.
On the agro-processing and manufacturing sectors, Cabinet was updated on the agriculture sector within the context of guarantee scheme – redefining the tax mobilization strategies and the need to infuse dynamism in the sector towards value addition.