Private sector call for cushioning measures
Gwengwe speaking during the prebudget consultations
Captains of Industry and other groups are proposing various incentives and tax reviews to cushion the citizenry from the rising cost of living.
This was the major highlight at the first 2023/24 national pre-budget consultation meeting organised by the Ministry of Finance in Blantyre, yesterday.
The stakeholders including trade unions proposed a raise on minimum wage and increasing a free tax band from K100 000 to K250 000.
The Institute of Chartered Accountants in Malawi (ICAM) said the tax free band proposal follows the rising inflation rate estimated at 25.8% in November.
The Malawi Confederation of Chambers of Commerce and Industry (MCCCI) proposed incentives to the manufacturing sector to boost production.
MCCCI Chief Executive Officer Chancellor Kaferapanjira further suggested that funds for the Affordable Input Program-AIP should be channelled towards mega farms.
The Finance Minister Sosten Gwengwe has since assured the public that their input will be taken on board.
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