Malawi has lost almost K970 billion in five years through tax incentives given to foreign investors such as in a bid to attract investment into the country, this is according to a report by ActionAid seen by Nyasa Times. The ActionAid report released in June indicates that from 2008 to 2012, in Malawi alone more […]
The Malawi Revenue Authority (MRA) has given owners of about 190 motor vehicles currently lying at Songwe Boarder for failing to pay duty a lifeline by asking them to settle their outstanding dues in installments. Recently, MRA placed advertisement in the local newspapers advising owners of all vehicles that had overstayed at the boarder to […]
Private investors in the country will now have to apply for consideration for duty and tax waivers through Malawi Revenue Authority (MRA) which will consider the applications in line with existing tax laws and procedures. Minister of Finance Dr. Ken Lipenga said in a statement that investors, companies, institutions and individuals should note that his […]
Faith based group, the Centre for Social Concern (CfSC), which focussed on the economic wellbeing of Malawians has said tax policy adopted by government in the 2013/14 national budget is retrogressive to citizens and the economy. One of CfSC senior officer Mathias Burton Kafunda said the centre hold to the fact that governments can intervene […]
The Centre for Social Concern (CfSC), a Malawian research organization, has called on authorities to exercise justice on Malawians when collecting and managing taxes in the country. This is contained in a report titled ‘A day in the life of a Malawian tax payer’ which originated from a study which CfSC jointly conducted with the Malawi […]
Malawi Revenue Authority (MRA) Wednesday disclosed plans to install electronic monitoring system in all businesses registered to collect value added tax (VAT). MRA deputy director responsible for corporate affairs, Steve Kapoloma, said the system dubbed Electronic Fiscal Device (EFD) is aimed at enhancing efficiency and compliance on VAT collection. He made the remarks at a […]
Newly appointed deputy minister of finance Dr Cornelius Mwalwanda has played down calls to reduce taxes on the importation of second hand vehicles saying the practice drains government’s scare forex reserves. Malawi has dismal foreign reserves because of perpetually huge trade deficit as it has few products and services the world wants. “Of course vehicles […]
Minister of Finance Ken Lipenga on Monday started pre-budget consultations with various stakeholders in Blantyre ahead of the 2013/2014 budget session and met with the Society of Accountants in Malawi (Socam) which urged the government to raise the tax free band from the current K15,000 to K25,000. Socam observed with the devaluation of the Kwacha […]
Government has ordered the re-opening of Asian shops which were closed some weeks ago for failing to comply with the competition and fair trading business Act. Minister of Industry and Trade, John Bande personally evoked the licences for some Asian shops in all the three regions of the country, for maintaining high prices of secondhand […]
There was tension at Malawi Revenue Authority (MRA)’s Msonkho house on Tuesday where government officials were meeting disgruntled executive committee of Minibus Owners Association of Malawi (Moam), Nyasa Times can reveal. The meeting was in reaction to the minibus association’s threats to hold vigil at the National Assembly if government does not rescind its proposal […]
Cellphone operators have protested decision by the Malawi government to hike corporate tax from the normal 30 percent to 33 percent which government charges on the mobile firms plying trade in the country, a mid week Business Times publication has revealed. Senior officials at the country’s two leading mobile firms, Airtel and TNM Limited, told the paper […]
Minibus Owners association of Malawi (MOAM) has threatened to hold vigil at Parliament building if the legislators dare to approve the 2013/2013 national budget without scrapping off duty on imported minibuses. The association has since penned Minister of Finance Ken Lipenga seeking audience with him to express their grievances on government’s decision to remove […]
Media Institute of Southern Africa (Misa) Malawi chapter has welcomed the decision by President Joyce Banda’s government to remove value added tax (VAT) on newspapers and internet services. The former ruling Democratic Progressive Party (DPP) introduced a standard VAT rate of 16.5% on several goods which included newspapers last year when late president Bingu wa […]
Minibus Owners Association of Malawi (Moam) has reacted angrily to decision by the Malawi government to remove taxes on importation of large buses saying it is a recipe for disaster especially to minibus business. Moam Secretary General Coxley Kamange told Nyasa Times soon after Finance Minister Dr. Ken Lipenga finished reading this year’s budget presentation in […]
Malawi’s Finance Minister Ken Lipenga on Friday heralded a national budget for 2012 and 2013 as one designed to address these challenges and put the economy onto a path of sustained recovery. Delivering the budget statement in Parliament in the capital Lilongwe, Lipenga told the House that he tabled “ an austerity Budget”. He said: “ […]
Economist and former finance minister Friday Jumbe says newly-introduced 16.5 percent value added tax (VAT) on some banking services is a “harmless tax”. The Bingu wa Mutharika administration introduced the tax on banking services as one of measures of sustaining the zero-deficit budget. Commercial banks fear the VAT will negatively impact the country’s banking culture and the Bankers […]
Several visits to Game Stores in Lilongwe and Blantyre this week by Nyasa Times revealed that the once well stocked shops are now stuck with depleted shelves some that have been empty for more than three days now. This comes just three weeks after Game issued a statement disputing Nyasa Times story that their warehouses […]
South Africa’s discount retailer of general merchandise, Game Stores says it will not close down its business in Malawi, playing down fears that they were heading for a bust. The Game Stores has been running its bottom low prices on items in what was feared to be a closedown clearance sale But in a media statement […]