K111bn collected in tax: Malawi Revenue Authority beats quarterly target
Malawi Revenue Authority (MRA) beat its first quarter (July to September) revenue collection target by K880 million (US$2 120 482), collecting K111.61 billion (US$268 939 759) against the projection of K110.73 billion.
The published tax revenue performance report indicates that in September, MRA collected K36 billion, exceeding the target of K35.14 billion for the month and what was collected in August at K34.64 billion.
The public tax collector has attributed this feat to positive performance in corporate taxes, local excise and non-resident taxes in September.
At K3.18 billion, corporate taxes over-performed, beating both the target for September and the amount realised in August by 81.8 percent and 185.4 percent respectively.
“Provisional tax, company assessments and withholding taxes exceeded their monthly targets owing to timely remittance of these taxes, which was a direct consequence of financial prudence of most corporates,” reads the report.
A total of K314.27 million was collected through fringe benefits and non-resident taxes, representing over performances of 71.9 percent and 45 percent over the projection for the month and the actual for August respectively.
While fringe benefits taxes benefited from early collections before the anniversary month of October, non-resident taxes responded positively to exchange rate movements and an increase in the number of non-residents earning their incomes in Malawi.
In total, K15.57 billion was collected by way of income and profits compared to a projection of K13.67 billion for September and an actual of K14.29 billion collected in Augsut on account of outstanding performance in all tax lines under this category.
For goods and services taxes, the K15.18 billion was below the target for September and the actual collected in the preceding month by 8.8 percent and 7.5 percent respectively.
This is total stupidity at its best, do you know how much we are suffering, by paying these stupid taxes you are collecting? The Police are harassing us very much just by not puting on a seat belt K5000.00 what kind of nonsense is this, taxes all over every place is a not good, you may be happy you have collected the said amount, have you asked yourselves where do the people get the money from> Have you asked how many have closed their business in the country and in the process making some Malawians losing their jobs because of… Read more »
akutibera, akutifinya akutinyonga kwambiri. This is not success it’s rather punishment to poor malawians!!!
Abale mukungonena Funsani oyenda pansewu akuuzani kuti akupezana ndi mavuto ochuluka come January 2014 you will see
congratulations!! There is now good management at the top. Keep Up the good work Ralph and Roza
Kodi Top Rank MRA Officers are they exempt from paying taxes? Just wondering.
So we can manage to run our Government with our local resources? This means Zero deficit budget is possible. No wonder they have started discussing about giving Aid to Malawi! They know if we manage to run the Government without their aid awonekera ng’amba!
We would like to know how this will be allocated to the ministries!
Nothing exciting about that.Squeezing tax payers hard and calling it a success and self funded budget is total uncivilisation.