MRA positive on 2023/24 fiscal year revenue target
The Malawi Revenue Authority (MRA) says it is optimistic of meeting the K2.11 trillion tax revenue target for the 2023/24 financial year despite the challenging economic environment.
The public tax collector has a revenue target that is 37 percent up rom the K1.539 trillion collected during the previous financial year.
Speaking during a 2023/24 New Tax Measures Media Training for the members of the Association of Business Journalists in Mangochi on Friday, MRA commissioner general John Biziwick said the authority is banking on sectors that are performing well despite the economic slowdown.
He said MRA is also implementing some reforms to widen the tax net.
“We think there are opportunities there which we have not taken advantage of widening the tax net in terms of new initiatives,” said Biziwick
Following Tropical Cyclone Freddy which hit 15 districts in the Southern Region, President Lazarus Chakwera last week said Malawi needs $500 million (about K518 billion) to recover from the the cyclone.
As a result of the damage, Reserve Bank of Malawi has revised downwards the economic growth projection to 1.7 percent from an earlier projection of 2.7 percent.
Commenting on whether the tax revenue target could stifle businesses considering the current state of the economy, Biziwick said they are not stifling businesses.
“Everyone should pay their fair share of taxes so that government can also implement its programmes,” he said.
In his presentation on the reforms, MRA head of corporate affairs Steve Kapoloma said among others, Msonkho online allows one to apply for a tax identification number, register for tax, submit tax returns, apply for tax refunds, apply for tax exemptions, apply for tax certificates, submit an objection and make tax payments.
