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Chamber for reduced taxes in next budget

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The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) has urged the government to consider reviewing tax measures in the next budget.

This, the industry captains say, would help accelerate growth of the private sector.

The call comes after technical consultations that the Ministry of Finance has been conducting with stakeholders.

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MCCCI Director of Business Environment and Policy Advocacy Madalitso Kazembe said the government should, for instance, consider reducing the excise tax on alcoholic beverages to help curb smuggling of beer products from neighbouring countries.

She said the chamber is also lobbying for reduction of import duty on machinery.

“We are also imploring the government to harmonise taxes in the telecommunications sector,” Kazembe said.

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She added that the country also needs tax incentives to encourage access to finance for small and medium enterprises through venture capital companies and review the current tax regime from collecting taxable profits to collecting export profits to promote exports.

Treasury spokesperson Williams Banda said some players are engaged in such consultations.

“The objective of the meeting is to assess impact of the tax policy on the sector,” Banda said.

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