Malawi tax body beats 6 months target
The Malawi Revenue Authority (MRA) says it collected a total of K377 billion against a target of K339.1 billion during the first half of this fiscal year beating the target by K37.9 billion for the six-month period.
A report on its website, www.mra.mw shows that MRA has collected of K60.4 billion in December, 2016 also beating the target by K6.1 billion since K54.3 billion was expected to be collected.
“The good performance is attributed to strong performances in Pay As You Earn (PAYE), Fringe Benefit Tax, Provisional Tax, Import Duty, Value Added Tax (VAT) and Excise Duties,” reads the report in part.
PAYE collected in December was K19.5 billion, out-performing its target of K17.82 billion. This has been attributed to a favourable response the Authority received from taxpayers after a call to have remitted before closure of business for end of year holidays.
There was K19.3 billion VAT collected against a target of K16.7 billion. The report says this was due to strong performance both in Domestic VAT at K8.2 billion and Import VAT at K11.1 billion.
At K5.8 billion, Excise Duty over performed its projection of K4.7 billion due to huge importation of excisable products such as fuel.
Import Duty collection at K6.2 billion was 18 percent above its monthly projection.
The report further says Corporate Tax collections exceeded its monthly target by 10 percent as K3.6 billion was collected against K3.2 billion. This has been attributed to provisional tax which over-performed its monthly projection by 24 percent.
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Nde ena abe ……agulu achabechabe akanyimbi
The one in the picture is Stewart Malata CEO of Roads Fund Administration and elder brother to Tom Malata.
All of them are very inteligent, ethical, hardworking and disciplined.
Guess what- stamp duty on Insurance policy has been increased from Mk00-80 tambala to Mk 1,000-00 for each policy . Imagine if there are two million insurance policies in Malawi, how much does it work out????? –
Most of the money has come in because of withholding tax deducted from the paltry interest given by the banks to customers every month. Previously WHT was deducted only if you earn an interest of Mk 10,000-00 and more . Now a days even if you credited it Mk 10-00 interest, WHT is deducted. And to get the deduction certificate from the bank is a nightmare, takes about a month or more and walk to the bank at least 10 times Also payment by the treasury to business attract WHT even if you have an exemption certificate. When asked, treasury… Read more »
How would u claim that much of the money is from WHT when u’ve been given the breakdown, wth PAYE and VAT contributing kwambiri.. I like the idea of no thresholds of WHT on earned interest.. That was prone to tax avoidance. Why shld someone criticise that bold reform? Treasury is also right not to trust the suppliers of their WHT certificates. Mwachuluka ma crook kwambiri. Bravo MoF.. After all, why worrying about through whom they pay their WHT? Kwinako mufunako chani? Zaumbava basi…
Congratulations!!. Well done MRA . You are working really hard.
However, all that money will not benefit Malawi taxpayers, we need to pay back the loans we got for tractors and maize. I am very sorry. Your efforts are being wasted at other end of the system.