MRA beats 2023/24 annual target
It’s official! The Malawi Revenue Authority (MRA) has collected a total of K2.186 trillion for the 2023/24 Fiscal Year ended 31st March, 2024. The collection is against the set target of K2.180 trillion, thereby exceeding the target by K5.933 billion. The collection represents 42% revenue growth over last year’s collection.
MRA Commissioner General John Biziwick says the Authority is pleased to attain exceptional achievement in revenue collection, surpassing expectations owing to tax compliance by taxpayers.
“The collection is based on the amazingly compliant current taxpayers that the country relies on and there has been steady revenue growth of 36% for the past three years. We acknowledge the significant contribution of taxpayers to this important milestone and their tax compliance has been a crucial factor in achieving remarkable performance.
“We commend all our members of staff for this performance and more importantly the taxpayers, other stakeholders and encourage them to continue paying their fair share of taxes. Together, we can foster economic independence for Malawi,” said Biziwick.
Key highlights include collections in Value Added Tax (VAT) at K651.049 billion, Pay As You Earn (PAYE) at K458.305 billion, Corporate Tax at K349.173 billion, Excise Duties K219.865 billion and Import Duty at K197.907 billion.
BY HENRY MCHAZIME
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