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Malawi Revenue Authority reports K23.3 billion revenue surplus

The Malawi Revenue Authority (MRA) has surpassed its revenue targets four months in a row in the current fiscal year collecting K251.8 billion against a projection of K228.5 billion, representing an excess of K23.3 billion.

In October alone, MRA collected K71.8 billion which is 7.8 billion more than the initial projection of K64 billion.

Speaking when he briefed journalists on the revenue trends in Blantyre Tuesday, MRA Deputy Director of Corporate Affairs, Steven Kapoloma, said the four months collection represents an increase of 30 percent compared to the same period last year.

“This year’s remarkable performance for the four months is on account of the reforms championed by the Public Reform Commission which MRA embraced coupled with staff commitment and dedication to work.

“Notably Value Added Tax (VAT) collections have increased, confirming that Electronic Fiscal Devices (EFDs) are also contributing a lot,” Kapoloma said.

He also attributed the positive outturn to increasing compliance to other tax lines such as Pay As You Earn, Provisional Tax, Excise Duties, Fringe Benefit Tax and Corporate Tax.

“The sustained improvement in tax collection is a direct result of tax compliant behaviour by taxpayers who continue to voluntarily come forward to pay their taxes on time.

“Therefore, MRA is appealing to all taxpayers to be tax compliant as the 2016/17 fiscal year progresses. Timely payments of tax will enable the Malawi Government achieve its development goals, more especially now when there is limited external donor support,” Kapoloma said.

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