The Malawi Revenue Authority (MRA) wishes to inform the business community and the general public that with effect from the 1st April 2022, the Authority has aligned its tax year with that of the Government.
The change in the Government Financial Year that used to be from 1st July to 30th June of the following year to the current year that begins from 1st April to 31st March the following year will have an impact on year of assessment.
This, therefore, requires all taxpayers who are charged Income Tax to prepare and submit a return of income to MRA within 180 days from the end of the year of assessment in line with the change as prescribed by Section 84 of the Taxation Act
In view of this, the Authority has produced a schedule that is intended to provide guidance on how you can re organize your accounting dates to fit into the new Government fiscal year as follows:
ACCOUNTING PERIOD ENDING/ENDED. YEAR OF ASSESSMENT30 June 2021 - June
2021
31 July 2021. - June 2021
31 August 2021 - June 2021
30 September 2021 March 2022
31 October 2021 - March 2022
30 November 2021 - March 2022
31 December 2021. - March 2022
31 January 2022 - March 2022
28 February 2022 - March 2022
31 March 2022 - March 2022
30 April 2022. - March 2022
31 May 2022 - March 2022
30 June 2022 - March 2022
30 July 2022 - March 2022
31 August 2022.- March 2022
30 September 2022 - March 2023
31 October 2022 - March 2023
30 November 2022 - March 2023
31 December 2022 - March 2023Please, note that the accounting periods ending June 2022; July 2022 and August 2022 have no gaps since they have been mapped to tax year, March 2022, as indicated in the sequence above.
All taxpayers are advised to apply these new changes in accordance with the law.
For more details, you may contact Gray Balawe on 0888896420, email: gbalawe@mra.mw or Wilma Chalulu on 0888204666, email: wchalulu@mra.mw
John S. Biziwick
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