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REMINDER TO PAY TAXES AND SUBMIT TAX RETURNS DUE IN JULY 2024

REMINDER TO PAY TAXES AND SUBMIT TAX RETURNS DUE IN JULY 2024

The Malawi Revenue Authority (MRA) is reminding valued taxpayers to honour their obligations by paying taxes and submitting tax returns due in the month of July 2024. 

The due dates for payment of taxes and submission of returns are as follows:

TAX PAYMENT

TAX TYPE                                                             DUE DATE

Pay As You Earn                                                  14th July, 2024

Withholding Tax                                                   14th July, 2024

Presumptive Tax                                                  14th July, 2024

Fringe Benefits Tax                                             14th July, 2024

Domestic Excise                                                  20th July, 2024

Value Added Tax                                                  25th July, 2024

Provisional Tax                                                     25th July, 2024

Income tax                                                            31st July, 2024
(Accounting date 31st January)


RETURN SUBMISSION 

Pay As You Earn (PAYE), 14th July, 2024. Should be accompanied by Form P12 and P12A

Withholding Tax, 14th July, 2024. Should be accompanied by forms WTF1 & 2

Presumptive Tax, 14th July, 2024. Should be accompanied by forms PT 1

Fringe Benefits Tax, 14th July, 2024. Should be accompanied by forms FBT 2. (The commercial rate for calculation of FBT on concessional loans for the first quarter (April-June 2024) is 32%. The rate for calculation of FBT is 30%.)  

Domestic Excise, 20th July, 2024. Should be accompanied by Form 32 for goods and Form 32A for services

Value Added Tax, 25th July, 2024. Should be accompanied by form VAT3

Provisional Tax, 25th July, 2024. Should be accompanied by form PTF 1 and PTF 2

Income tax, 31st July, 2024 for all those taxpayers whose accounting date is 31st January. Should be accompanied by ITF1 for sole traders or partnerships and ITF12 for limited companies

TEVET LEVY

The Authority is reminding all employers that Tevet Levy and Employers’ Data Form for the year 2023/24 was due on 1st April, 2024. Failure to remit the levy by the due date attracts 20% of the unpaid amount.


CUSTOMS & EXCISE

Duty is payable upon importation of goods into Malawi. If goods are imported into the country through transit bond on Transit document 1 (T1) and kept in a temporary store, duty is due within 10 days from the day the goods were deposited in the Temporary Stores. Customs duties can also be paid prior to the arrival of goods at the border. 


REMINDER TO ALL TAXPAYERS AND THE BUSINESS COMMUNITY

MRA further wishes to remind all taxpayers and the business community that it is their obligation and responsibility to settle their tax liabilities on time. Any delay or failure to remit the taxes would result in MRA requesting you to pay the taxes due plus penalties in accordance with the Law. 


Kindly, note that you can submit your tax returns at your nearest Domestic Taxes offices and Customs & Excise stations at Chitipa, Nsanje, Mwanza, Liwonde, Chiponde and Muloza. Please, note that failure to submit a tax return when due is an offence punishable by the VAT Act and the Taxation Act.


JOHN S. BIZIWICK

COMMISSIONER GENERAL

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