6 September 2016 Last updated at: 2:21 PM
Malawi Revenue Authority beats August target by K6.2bn
The Malawi Revenue Authority (MRA) collected K6.2 billion more than its projection for August, beating its set revenue target for the third consecutive month this year.
The authority set a revenue target of K52.6 billion for August but managed to collect K58.8 billion.
In June, MRA collected K56.1 billion beating the projected target of K54.3 billion by K1.8 billion and in July, the authority collected K62.5 billion against a projected target of K59.6 billion hence exceeding the target by K2.9 billion.
For this fiscal year, the authority has collected K121 billion against a projection of K112 billion, registering an excess collection of K8.8 billion.
MRA’s Deputy Director Corporate Affairs Steven Kapoloma said the remarkable performance is due to strong collections in Pay As You Earn, Value Added Tax, Provisional Tax, Excise Duties, Fringe Benefit Tax, Dividend Tax and Non Resident Tax.
“This has been witnessed in the improved collection for the three consecutive months. The tax base is widening and we are optimistic that this progress will continue,” said Kapoloma.
He also expressed thanks to taxpayers who voluntarily pay their taxes on time for their compliance.
Meanwhile MRA has appealed to all compliant taxpayers to continue remitting their taxes in the 2016/17 fiscal year to enable the Malawi Government achieve its goals at this time when there is limited external donor support.
The authority has also advised members of the business community, NGOs, and the public who have taxation challenges to engage MRA so that their tax affairs are regularised for the continued growth and development of our beloved country, Malawi.
MRA is currently undertaking several revenue enhancement initiatives to provide modern and efficient services aimed at reducing the cost of tax compliance while maximising revenue collection.