Investors shun increased taxes -CAMA
Kapito: Investors cannot settle
The authorities are being pressed to reduce some taxes in order to attract foreign investors.
Investors are believed to be shunning the country due to among others exorbitant taxes.
The Malawi Revenue Authority (MRA) was tasked to collect K3 trillion in the 2024/25 national budget.
Already, there are fears that Malawians will be taxed heavily in order to meet that target.
Consumers Association of Malawi (CAMA) executive director John Kapito is expressing concern with a lack of deliberate policies aimed at attracting foreign investors.
“Investors cannot settle in a country where they will be charged heavily on taxes. There is need for such taxes to be reduced in order to woo them to establish their businesses locally,” Kapito said.
Asked on how the MRA would meet its K3 trillion target for the 2024/25 financial year, finance minister Simplex Chithyola Banda said; “I know that most people are worried with how the government will bridge the funding deficit and intensify domestic revenue collection initiatives but MRA always meet its target. If they can intensify on non-tax revenues and other areas, they will be able to raise more revenues.”.
The 2024/25 national budget is pegged at K5.98 trillion.
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