MRA beats August revenue collection target by K6.2bn

The Malawi Revenue Authority (MRA) has beaten the set revenue target for the month of August 2016 by K6.2 billion.
 
MRA’s Deputy Director Corporate Affairs, Steven Kapoloma said the Authority has registered a total collection of K58.8 billion.
 
“This is against a target of K52.6 billion representing 112 percent performance. For this fiscal year, the Authority has collected K121 billion against a projection of K112 billion, registering an excess collection of K8.8 billion,” Kapoloma said.
 
He said the remarkable performance is on account of strong collections in Pay As You Earn, Value Added Tax, Provisional Tax, Excise Duties, Fringe Benefit Tax, Dividend Tax and Non Resident Tax.
 
The August collection follows back-to-back positive performances in June and July when the Authority also exceeded revenue collection targets.
 
In June, MRA collected K56.1 billion beating the projected target of K54.3 billion by K 1.8 billion and in July, MRA collected K62.5 billion against a projected target of K59.6 billion exceeding the target by K2.9 billion.
 
He said MRA is thankful to taxpayers who voluntarily come forward to pay their taxes on time for their compliance.
 
“This has been witnessed in the improved collection for the three consecutive months. The tax base is widening and we are optimistic that this progress will continue,” said Kapoloma.
 
He further appealed to all compliant taxpayers to continue remitting their taxes in the 2016/17 fiscal year to enable the Malawi Government achieve its goals, more especially now when there is limited external donor support.
 
The Authority is also advising members of the business community, NGOs and the public who have taxation challenges to engage MRA so that their tax affairs are regularised for the continued growth and development of our beloved country, Malawi.
 
MRA is currently undertaking several revenue enhancement initiatives to provide modern and efficient services aimed at reducing the cost of tax compliance while maximising revenue collection.