Goodall dismisses World Bank ‘nonsense’ report on Malawi tax regime choking investment

Malawi’s tax regime remains prohibitive to attract meaningful foreign direct investments (FDI) and it impacts negatively on private sector, the World Bank has said but that has been dismissed by Treasury Czar Goodall Gondwe.

Gondwe: Tell the World Bank that is nonsense

“The investment allowances currently in force are insufficient to attract or induce meangful investment , the industrial rebate scheme is cumbersome, with the short validity period for the industrial period for the industrial rebate license creating uncertainty among investors, the withholding tax creates unnecessary burden, especially for the smallholder farming community,” says the World Bank in its newly released Malawi Economic Monitor report.

Additionally, the report says actors in the financial sector claim that “policy uncertainity” regarding export bans for agriculture produce and weak judicial system as constraints preventing them from lending out to commercial farming and agri-business.

A discussion between the private sector representative and government has been recommended by the bank to remedy the situation.

But Minister of Finance, Economic Plannimg and Develooment , Goodall Gondwe said the country’s taxation system was recommended by the International Monetary Fund (IMF).

Gondwe said the World Bank report is “nonsense” because the taxation regime that Malawi is implementing now “was given to us by the IMF.”

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Chilungamo
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Chilungamo

A man with ZERO credibility. The only thing that makes sense to him is where him, his family and DPP stand to benefit. If Malawians are still deluded that the economy will one day improve and munthu wakumudzi nkusimba lokoma, with Goodall at the helm, then brace ourselves for more hardships, and wait till the 2nd coming of Jesus. The list of his lies and scams is endless: redeeming his stealer colleague in the Maizegate, selling MSB, sharing billions with crooked MPs………., etc, etc, What is even more dangerous is he still believes only him and his corrupt DPP have… Read more »

Kholowa
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Kholowa

There is nothing good that these western organisations can tell you to improve your economy. Malawi is just like a deserted spoilled toilet with shit everywhere. You cannot prosper with imf or world bank advice, do they know how pipo are suffering in the villages? Malawi needs a proper leader to clean this toilet with strong bare hands. Imf or being former imf employee does not mean they are the best neither this Gondwe. They are all useless. If Gondwe is an expert on economy what relief has he brought to the poor then in these 5yrs? Goodal Gondwe ndi… Read more »

Dagobert
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Dagobert

WHT is the biggest nonsense!

Tariq
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Tariq

Get away from these useless institutions…. Fuck the WB and IMF. They have developed no one. All they do is saddle us with debt peonage

Stanley Mdala
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Stanley Mdala

This old called Goodall Gondwe is senile and is too old to run economic affairs is this troubled economy. We need ayoung energetic man or woman to take charge of this important ministry. Gondwe has dementia at his age. He doesn’t get it. Get rid of this government run by Zimmer frame carrying old men. It is a shame this country is being run by thieves and crooks like Gondwe and Chaponda
Biggest crooks in DPP leg government.

concerned citizen
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concerned citizen

There is nothing that is fairly charged or priced in Malawi. In the SADC region Malawi has the highest tax rate , fuel prices, food commodities prices, too many levies but no subsidy on any thing. VAT on almost every thing. Malawians are living very hard lives. All governments, past and present have not formulated policies that are pro citizen empowerment. This has contributed to the rampant corruption that we see now..

Max
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Max

Late Bingu challenged IMF on devaluation!! But FM takes IMF advice wholesale!!!!!

#DzukaniAmalawi
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#DzukaniAmalawi

The reason why you were appointed was for you to be an independent thinker not a paper pusher who accepts anything that comes from IMF. Obviously IMF gave you rotten potatoes and unfortunately you accepted them

VYOTO
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VYOTO

A MUDALA A GONDWE MWACHEKULA, LEKERANI WANYAMATA, ECONOMICS YINU YA OLD SCHOOL YOVWILENGE CHALU YAYI. KAPUMULENI, MUKACHEZYENGE NAWADZUKULU.

Favour of Yahweh
Guest

This is the problem Malawians we have believing that what world bank says is above what the i
IMF has said . Don’t forget Gondwe has worked there. These so-called big organisation will not be happy to see us moving forward. Since independence they have been dictating on us. , no good has come. They cheated Joyce Banda to devaluate the kwacha the results we know and you are hearing blaming people who have been in those organisations, who knows the secrets. Muzadyeka ndi Nyanja zomwe inu chifukwa cha kutengeka.