The Malawi Revenue Authority (MRA) is expected to collect K2.13 trillion in tax revenues in the 2023/24 financial year.
Finance Minister Sosten Gwengwe announced the tax revenue target when he presented the national budget on 2nd March 2023.
He said domestic revenue is estimated at K2.24 trillion representing 14.7 percent of GDP.
“Of the domestic revenue, tax revenue is estimated at K2.13 trillion while other revenue is estimated at K114.34 billion,” he announced.
This means the revenue target has gone up by almost 25 percent as tax revenues accounted for K1.534 trillion in the 2022/23 financial year.
The Finance Minister said total revenue and grants for the 2023/2024 fiscal year are estimated at K2.55 trillion representing 16.8 percent of GDP.
He said total expenditure for the 2023 /2024 fiscal year is projected at K3.87 trillion, representing 25.5 percent of GDP.
BY WADZA OTOMANI