MRA rates 2015/16 FY as challenging
The Malawi Revenue Authority (MRA) has rated the just ended 2015/16 financial year as challenging for revenue collection characterised by fortunes and misfortunes.
As at the end of May, revenue collection by the authority was five percent lower than the projected figure.
Tax revenue by then had hit K517.39 billion, which was lower than K543.68 billion.
The year under review has been described as unfavourable, characterised by subdued economic fundamentals.
Giving a review of the revenue trends in the year, MRA publicist Steve Kapoloma said revenue performance in the year mirrors economic performance where most in the corporate struggled to make profits.
“We are looking at the year as challenging with all economic indicators showing that so many challenges faced the economy and revenue collection demonstrated correlation with how the economy is performing,” said Kapoloma.
In the 2016/17 K1.14 trillion financial budget the revenue collection body is tasked to contribute over K780 billion which is around 73 percent of the resource envelop.
While analysts rate this as a tall order, the MRA spokesperson remained upbeat saying there was hope for improvement as there are some economic indicators which will positively impact the revenue collection.
In his outlook, Kapoloma said the authority looks forward to meet the projected revenue target.
