Small and Medium Enterprises (SMEs) have been encouraged to register for tax and use available taxation information access structures to their advantage.

A team from MRA made the call during presentations at a meeting in Blantyre where Opportunity Bank of Malawi had a day long workshop with SMEs.

The SMEs were also given insights of the benefits registered taxpayers enjoy, highlighting that business are operated freely without fear of being caught by MRA or any authority.

“Regardless of the size of business or location the tax law requires owners of businesses, both individuals and companies to register for tax purposes. It is mandatory for registered person to prepare financial accounts to determine business profit or loss because tax is charged on profit.

“The accounts enable you, the taxpayer to know whether you are making profit or loss. Overall it proves one as a patriotic citizen and this generates trust with other entities thereby enabling ease of business access and transactions,” Robert Tembo from Domestic Taxes Division said.

Taking his turn, Customs and Excise Division’s Ephraim Nyirenda gave insight on the benefits from COMESA and SADC trade agreements.

“The agreements are meant to cut waiting time for commercial traffic by reducing the number of documents required for imports and exports,” said Nyirenda.

The entrepreneurs were keen to know more about their roles taxpayers after registering their businesses for tax.

Head of Retail Banking at Opportunity Bank, Howard Bowa expressed gratitude to MRA for enlightening SMEs on tax obligations.