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ALIGNING TAX YEAR WITH GOVERNMENT FINANCIAL YEAR

ALIGNING TAX YEAR WITH GOVERNMENT FINANCIAL YEAR

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 ASSESSMENT

30 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 2023

Please, 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

COMMISSIONER GENERAL

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