MRA under-collects in October
The Malawi Revenue Authority (MRA) failed to meet its October 2015 revenue collection target.
Treasury spokesperson Nations Msowoya could not tell how much was declared in the month of October but said he believes this information can be readily found on MRA website.
“That information is supposed to be available on their website because after one past incident when government is said to have borrowed to reflect higher revenues it is now a requirement to put that information on their website and in the newspapers,” said Msowoya.
Malawi News has found a report dated November 5, 2015 which indicates that the gross revenue collection for the month of October 2015 is K53, 033,883,755 against a treasury target of K55, 973,355,459.
This means the tax collection body has registered a 5 percent under-collection of K2, 939,471,704 as shown in the revenue position worksheet.
The report that Malawi News has seen shows that cumulative gross revenue collection for the four months of the fiscal year 2015/16 is at K193, 583,259,197, which is 4 percent shy from the Treasury target of K200, 634,755,031.
The same period last year October 2014, a total of K41,119,583,581 was collected translating into a 29 percent nominal growth by K11,914,299,904 as shown in the Summary by division and region worksheet.
The report further says that a total of K52,462,452,635 has been cleared at the Reserve Bank of Malawi translating into an agency fee commission of K1,573,873,579 and tax refunds funding of K786,936,790.
MRA also says a total of K4, 670,624,277 was with the commercial banks as at close of the month.
The report also says that K1, 169,008,353 was paid towards tax refunds in the month, with K522, 324,091 being utilisation of stale cheques from the old Tax Refunds Account.
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