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No VAT on Cooking Oil

No VAT on Cooking Oil

The Government of Malawi has removed 16.5% Value Added Tax (VAT) on edible fats and Oils.

According to Malawi Government Gazette (VAT Amendment Act) Number 25 for 2017, VAT has been exempted on the following: animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes under customs tariff subheadings 1501.00.00 to 1522.00.00.

 This means that cooking oil will no longer attract VAT at 16.5% effective 1st July 2017.

Other amendments include exemption of 16.5% import VAT on dairy produce; birds eggs, natural honey and infant milk, increase in tax-free income tax brackets from MK20,000 to MK30,000 per month and increase on penalties for failure to file a return or late payment of taxes. 

Access the amendments here http://bit.ly/2vSLVg2

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