MRA beats 2024/25 annual target

The Malawi Revenue Authority (MRA) says it has surpassed its 2023/24 target by K5.933 billion having collected a total of K2.186 trillion for the fiscal year ending 31 March, 2024, against K2.180 trillion.

The collection represents 42% revenue growth over last year’s collection.

In 2023/24 fiscal year, MRA collected K651 billion Value Added Tax, K458 billion Pay As you Earn, K349 billion Corporate Tax, K219.9 billion Excise Duties whilst import duty is pegged at K197.9 billion.

MRA commissioner general John Biziwick attributed the positive trajectory to tax compliance by tax payers.

“We commend all our members of staff for this performance and more importantly, the taxpayers. We encourage all the stakeholders to continue paying their fair share of taxes. Together, we can foster economic independence for Malawi,” said Biziwick.

According to Bizwick there has been a steady revenue growth of 36% for the past three years.

Meanwhile, MRA says it is fully geared to collect the set target of K3.26 trillion for the 2024/25 Fiscal Year.

In his presentation of the 2024/25 national budget to Parliament, minister of finance Simplex Chithyola Banda announced total revenue and grants for the year are estimated at K4.55 trillion, representing 24.3 percent of GDP.

Domestic Revenues are estimated at K3.38 trillion, representing 18.1 percent of GDP, of which, Tax Revenues are estimated at K3.26 trillion and other revenues have been projected at K126.54 billion.