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Malawi Revenue Authority misses December target by K3 billion

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The Malawi Revenue Authority (MRA) has once again missed its revenue collection target for December 2015 by about K3 billion, sending fears of continued struggle by the government to fund its budget.

The MRA December tax outturn published yesterday shows that revenue for the month under review was seven percent below target.

MRA collected K42.71 billion in the month of December 2015 against a monthly target of K45.70 billion, according to the report.

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This means that cumulative total tax revenues collected during the 2015/16 fiscal year amounted to K276.34 billion against the projection of K 280.31 billion.

In the absence of budget support from donors and at the time the economy is going through turbulence, government is implementing a lean K930 billion budget, which has forced treasury to continuously borrow from the domestic sources to finance deficits.

Economics Association of Malawi (Ecama) president Edward Chilima said earlier that low levels of production, as a result of the struggling economy, explained reduced revenue collection by MRA.

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