Minister of Finance and Economic Affairs Simplex Chithyola Banda has expressed optimism that Malawi Revenue Authority (MRA) has the capacity to triple its revenue collections if necessary reforms are implemented and the tax base expanded.
He said this yesterday in Blantyre when he led ministry’s officials on a familiarisation visit to MRA headquarters in Msonkho House in Blantyre.
“We want to make sure that everyone pays tax and that nobody evades tax and my ministry will make sure that it supports Malawi Revenue Authority to ensure that everyone who evades tax is taken to task,” said Chithyola Banda, who swapped posts with former minister of Finance Sosten Gwengwe on October 7. Gwengwe is now Minister of Trade and Industry.
He said government was diversifying the economy at different levels, including capitalising on carbon trading following the launch of the Malawi Carbon Market Initiative.
MRA commissioner-general John Bizwick agreed that it was possible to triple the revenue collection over time if certain reforms such as Msonkho Online are fully implemented.
“We are looking at the full implementation of Msonkho Online. That is our integrated tax administration system which will look at the taxpayer with a bird’s eye view,” he said.
During the 2023/24 fiscal year, MRA has been tasked to collect K2.13 trillion in tax revenue.