The Malawi Revenue Authority remains upbeat on meeting the K3.26 trillion revenue collection target for the 2024/2023 fiscal year despite under collecting in the first quarter.
John Biziwick, Commissioner General of MRA disclosed that in the first quarter of 2024/2025 financial year, the authority collected K656.48 billion as of 30th June 2024, which is below the quarterly target of K748.11 billion.
He attributed the missed target to the under performances of Value Added Tax (VAT) and other trade taxes such as Customs Duty that has also been impacted by foreign exchange constraints on businesses.
Speaking during a media training on new tax measures in Blantyre, Biziwick however expressed optimism on the Authority meeting its annual target.
“Despite facing challenges in meeting all targets for the first quarter of the financial year, the MRA remains steadfast in its commitment to optimizing revenue collection. We are implementing strategic measures to address these challenges and enhance our efficiency,” said Biziwick
According to Biziwick, the Authority is implementing reforms such as the One Stop Border Posts, Msonkho Online and Exercise Tax Stamps to improve tax administration efficiencies and compliance.
He therefore underscored the important role that media plays in raising awareness and disseminating crucial information to improve on tax compliance among Malawians and business operators.
Meanwhile Suzanne Dosi, Chairperson for the Parliamentary Committee in Media has described the media engagement as crucial for them to be well conversant with new tax administrations and effectively communicate the same to the masses.
“There is a lot of misinformation on taxes and the media plays a key role in sharing the right information to the masses on the importance of remitting taxes. As parliament we take our time to scrutinize the tax bills before passing and give our views for necessary changes,” said Dosi
In the 2023/24 fiscal year ending on 31st March 2024, Malawi Revenue Authority posted a high revenue performance with a total collection of K2.19 trillion, representing a 42% growth over 2022/23 fiscal year collection of K1.54 trillion.
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