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2012-06-12 12:39:58 |
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MRA tasked to collect K236 billion |
The Malawi Revenue Authority (MRA) has been tasked to collect K236.46 billion in the 2012/13 financial year beginning 1st July 2012. The pronouncement was made in Parliament last Friday during the presentation of the 2012/13 national budget by the Honourable Finance Minister, Ken Lipenga.
?Total revenue and grants are projected at K394.47 made up of K270 billion and 124.08 billion in domestic revenues and grants, respectively. Of the total domestic revenue, tax revenues are projected at K236.46 billion?? he announced.
The minister said the projection is based on projec |
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| DR. Ken Lipenga - Minister of Finance |
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ted GDP growth, the on-going reforms in tax and Customs administration, and new tax measures announced.
Earlier, the minister said GDP growth is estimated at 5.7 per cent in 2013 a rebound from 4.3 per cent growth expected to be registered in 2012.
Of the on-going tax and Customs administration reforms, MRA is pursuing the Self-Assessment system, Introduction of Integrated Tax Administration System (ITAS), Electronic Tax Register for VAT, Declaration Processing Centre and Valuation Database. Other reform initiatives include electronic banking, electronic document management system and the taxpayer service centres.
Of the tax measures introduced in the 2012/13 financial year, government has increased corporate tax for cell phone operators from 30 per cent to 33. The government has also increased excise tax on liquor in sachet and plastic bottles from 150 per cent to 250.
However, government has brought tax relief in various areas including removal of minimum turnover tax, removal of tax from gain from sale of sales, increase in initial investment allowance and export allowance. The government has also removed VAT on bread, machinery and raw materials for industrial rebate, among others.
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