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Mid-year tax revenue target at K766.6 billion

Mid-year tax revenue target at K766.6 billion

The Malawi Revenue Authority (MRA) is expected to collect at least K766.6 billion in the last six months of the 2022/23 fiscal year.

Finance Minister Hon. Sosten Gwengwe announced the revised target on Friday during the presentation of a Mid-Year Budget Review Statement in Parliament.

He said the mid-year outturn for domestic revenues is estimated at K805.8 billion between October 2022 and March 2023.

The Finance Minister said tax revenue is estimated at K766.6 billion while non-tax revenue is estimated at K39.2 billion.

“It is expected that at the close of the fiscal year, domestic revenue amounting to K1.628 trillion, representing 13.7 percent of GDP would have been collected,” he said

However, Honourable Gwengwe said domestic revenue is projected to go down from K1.636 trillion to K1.628 trillion.

He said tax revenues will account for K1.534 trillion while non-tax revenues will amount to K94.4 billion of the total domestic revenue.

“It will be noted that tax revenues have gone down by 0.1 percent from the approved position,” he said.

MRA surpassed the revenue target for the first six months of the 2022/23 financial year by K6.68 billion.

The Authority collected K748.89 billion between April and September 2022 against a Treasury target of K742.22 billion, representing a performance of 101 percent. 

BY WADZA OTOMANI

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