During the recent 2015/16 budget presentation, the Minister of Finance announced that with effect from the mid night of 22nd May 2015, the threshold value for the entry of goods on Customs Form 12 had been increased from MK100, 000 to MK500, 000.
This arrangement was made to reduce the time small and medium scale business people and other travellers who import goods from the neighbouring countries were subjected to at the border stations.
The change was also made as part of the Government of Malawi initiative to improve on Ease of Doing Business in the country.
In this regard, people who import goods into the country whose value is below MK500, 000, would now require Form 49 or baggage receipt to clear their goods, and not Form 12 as was the case before the announcement.
We, therefore, advise all business people including small scale importers that the change does not mean that goods below the value of K500, 000 will be imported duty free into the country. Duty is still payable using the prevailing rates.
MRA further takes this opportunity to advise all our valued taxpayers and the general public that the threshold for personal rebate has not been affected by this change. The threshold for personal and non-commercial importations still remains at K300, 000.
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