Malawi Revenue Authority (MRA) anticipates raking in about K13.1 billion more into the government coffers after announcing an extension to its voluntary compliance window.
The authority announced yesterday, that the relief window will be extended for another 30 days from today to November 30 this year.
Speaking in Blantyre, MRA head of corporate affairs Steve Kapoloma said the extension has been necessitated following numerous requests from the public who still need time to finalise preparing their documentation before submission to the tax collection body.
“Also, there has been an increase in taxpayers applying to be considered in the window; something we could not have finalised within this window.
“As we speak, the total number of applications we have received during the month has already jumped to 1 315 from 1176. From this number, we anticipate to collect K13.1 billion,” he said.
The new window also comes with some softened measures from the national tax body to allow taxpayers to comply more. For instance, MRA has announced that it will now allow limited companies applying for the window to submit self-assessed (unaudited) accounts by the stipulated closing date of the window.
On his part, MRA director of policy, planning and research Waziona Ligomeka said they hope many applicants will be considered for the window.
“We want a win-win situation here. Of course, the fact that more taxpayers are coming out voluntarily is some cause for excitement on our part.
“However, they will be requested to submit their audited accounts by February end next year,” he said.
Out of the total applications to be considered for voluntary compliance window, MRA has already realised K4.65 billion from 180 applicants.
The exercise is also expected to waive a total of K2.17 billion in revenue.