Young entrepreneurs drilled in tax and banking
The Malawi Revenue Authority (MRA) and the National Bank of Malawi plc (NBM) recently held a joint workshop with young entrepreneurs at Amaryllis Hotel in Blantyre. The meeting was attended by over one hundred and sixty (160) participants from Blantyre City.
Speaking when he opened the workshop, the Bank’s Chief Executive Officer, Mc Fussy Kawawa, said the Bank and MRA had organized the meeting after observing that many young business people in the country lacked information and knowledge in areas such as business management and taxation.
A cross section of the young entrepreneurs
He, therefore, advised the participants to take advantage of the workshop to learn more in these areas in order to come up with sound business plans with a good vision that would enable them access various loan facilities from NBM with which to boost their businesses as well as being tax compliant.
He added that when business people keep good financial records, it was very easy for them to meet their tax obligations timely thereby avoiding tax penalties and fines.
MRA representative to the meeting, Peter Zumba, Revenue Officer, reminded the young men and women that since no business activity can take place in a tax vacuum, that was why NBM and MRA had jointly organized the workshop.
MRA made a presentation which centred on importance of tax registration, how to keep business records, operation and administration of Pay As Your Earn (PAYE), Withholding Tax (WHT), Provisional Tax, Value Added Tax (VAT), Electronic Fiscal Devices (EFDs) and penalties for failure to comply with the tax laws.
The workshop was co funded by MRA and NBM under the Entrepreneurs Training and Interactions programme.
MRA was represented at the function by Shida Nyirenda, Zumba and Ian Amon from the Blantyre Domestic Taxes Division and Hilda Mkandawire from Corporate Affairs Division in Blantyre.
BY HILDA MKANDAWIRE