Scrap off retrogressive taxes, IBAM says
The Indigenous Business Association of Malawi (IBAM)has urged President Joyce Banda government to remove some infamous taxes which were effected to support the failed zero deficit budget by the previous government.
This comes as Finance Minister Ken Lipenga is expected to present 2012/13 budget to parliament, which will be officially opened this Friday, May 18, 2012 by president Joyce Banda.
Meanwhile, Lipenga is continuing with pre-budget consultative meetings to solicit input from stakeholders, who have so far asked for reduction in taxes.
IBAM president Mike Mlombwa said some taxes companies and business operators complained about should be removed.
“Instead of creating conducive environment, government pinned us down with numerous taxes. How do you expect one to roll and establish a business in the face of numerous taxes,” queried Mlombwa without singling out the taxes.
IBAM advance and fight for interests of local business operators in the country.
Under the Zero Deficit Budget, government troduced a standard VAT rate of 16.5% on several goods which were previously exempted.
Other goods that have also been taxed include water supply, ordinary bread, meat, residues and waste from food industries, saw dust and wood waste, hessian cloth, machinery and mechanical appliances and spare parts, and fees, charges, commissions, and discounts on financial services.
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