The Malawi Revenue Authority (MRA) says in eleven months of 2023/24 Fiscal Year, which is from April 2023 to February 2024, it collected a total of K2.002 trillion, exceeding the set target of K1.981 trillion by a significant K20.95 billion.
This was disclosed on Wednesday, 13th March, 2024 when MRA Commissioner General John Biziwick was briefing members of the press at MRA Msonkho House in Blantyre, where he announced a significant K20.95 billion surplus revenue collection.
Biziwick said the performance represents an outstanding 101.1% revenue performance and a remarkable 41.52% growth and he attributed the achievement to several factors including tax compliance by taxpayers, tax policy changes, efficiency, outreach services and improved economic conditions.
“MRA has exceeded the set target of K1.981 trillion by a significant K20.95 billion. This stellar performance represents an outstanding 101.1% revenue performance and a remarkable 41.52% growth.
“We acknowledge the significant contribution of taxpayers to this important milestone and their tax compliance has been a crucial factor in achieving remarkable performance. We commend our taxpayers and encourage them to continue paying their fair share of taxes. Together, we can foster economic independence for Malawi,” said Biziwick.
The Commissioner General further expressed utmost confidence of collecting a total of K2.18 trillion which is the revised revenue collection target set by the Malawi government to be collected by the end of 2023/24 financial year which ends on 31st March, 2024.
According to the Commissioner General, in the 2023/24 financial year, the Domestic Taxes increased to K1.410 trillion, while Customs and Excise reached K591.632 billion, underlining MRA’s unwavering commitment to excellence across all sectors.
On the other hand, the noteworthy collections in Value Added Tax (VAT) was at K590.943 billion, Pay As You Earn (PAYE) at K420.936 billion, Corporate Tax at K330.648 billion, and Excise Duties and Import Duty, at K177.635 billion.
Looking at this positive revenue collection performance that the authority has registered in the 2023/2024 fiscal year, Bizwick expressed optimism about collecting K3.26 trillion the revenue collection target for the 2024/25 financial year which runs from 1st April, 2024 to 31st March, 2025.
