MRA beats quarterly target by K880 million
Malawi Revenue Authority (MRA) beat its first quarter (July to September) revenue collection target by K880 million (US$2 120 482), collecting K111.61 billion (US$268 939 759) against the projection of K110.73 billion.
The published tax revenue performance report indicates that in September, MRA collected K36 billion, exceeding the target of K35.14 billion for the month and what was collected in August at K34.64 billion.
The public tax collector has attributed this feat to positive performance in corporate taxes, local excise and non-resident taxes in September.
At K3.18 billion, corporate taxes over-performed, beating both the target for September and the amount realised in August by 81.8 percent and 185.4 percent respectively.
“Provisional tax, company assessments and withholding taxes exceeded their monthly targets owing to timely remittance of these taxes, which was a direct consequence of financial prudence of most corporates,” reads the report.
A total of K314.27 million was collected through fringe benefits and non-resident taxes, representing over performances of 71.9 percent and 45 percent over the projection for the month and the actual for August respectively.
While fringe benefits taxes benefited from early collections before the anniversary month of October, non-resident taxes responded positively to exchange rate movements and an increase in the number of non-residents earning their incomes in Malawi.
In total, K15.57 billion was collected by way of income and profits compared to a projection of K13.67 billion for September and an actual of K14.29 billion collected in Augsut on account of outstanding performance in all tax lines under this category.
For goods and services taxes, the K15.18 billion was below the target for September and the actual collected in the preceding month by 8.8 percent and 7.5 percent respectively.
