A Revenue Performance report for February 2016 that the Malawi Revenue Authority (MRA) released Thursday shows that cumulatively, tax revenue collected during 2015\/16 financial year to date amounted to K 373.41 billion against a projection of K382.59 billion.<\/p>\n
The figure represents a 98 percent collection. The report shows that last month, the revenue collecting body collected K44.27 billion, exceeding the target of K43.65 billion which represents 1.4 percent increase.<\/p>\n
At K20.37 billion, income and profits tax exceeded its projection of K20.32 billion by K51.76 million, showing strong performance in all tax lines under this category.<\/p>\n
According to the report, during the month, a total of K13.42 billion Pay As You Earn (Paye) tax was collected which is 4 percent above the monthly projection.<\/p>\n
\u201cThe increase was attributed to salary adjustments by some employers to cushion their salaries and wages against the rising inflation,\u201d the report reads.<\/p>\n
In Fringe Benefit Tax (FBT) and Non-Resident taxes (NRT), a combined total of K674.44 million of FBT and NRT over-performed its monthly projection of K578.87 million by 17 percent.<\/p>\n
But there was less corporate tax collected as under this category a negative variance of 26 percent was recorded by a collection of K2.2 billion against a monthly target of K3 billion.<\/p>\n
However, it was all positive news in the categories of goods and services, value added tax (VAT) and excise duties.<\/p>\n
A total of K19.10 billion was collected from goods and services above a monthly target of K18.38 billion registering a surplus of 4 percent which has been attributed to over performance in all tax lines in this category.<\/p>\n
At K15.05 billion, VAT over-performed its monthly target of K14.93 billion by 1 percent and import VAT exceeded its monthly target by 2 percent whilst domestic VAT underperformed by 1 percent.<\/p>\n
At K4.05 billion, excise duties collected during the month under review were 17 percent above the target with local and import excise exceeding their monthly targets by 36 percent and 4 percent, respectively.<\/p>\n
\u201cThe over performance was largely due to increased enforcement efforts and improved levels of taxpayers\u2019 compliance,\u201d the report reads.<\/p>\n
It was, however, bad news in import duty and other taxes as at K4.4 billion, import duty registered a deficit of 6 percent below the monthly target of K4.68 billion while a 48 percent deficit was recorded by other taxes, against a target of K246.54 million.<\/p>\n
The shortfall in other taxes was mainly due to under performance in all taxes, except turn over tax.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Revenue Performance report for February 2016 that the Malawi Revenue Authority (MRA) released Thursday shows that cumulatively, tax revenue collected during 2015\/16 financial year to date amounted to K 373.41 billion against a projection of K382.59 billion. The figure represents a 98 percent collection. The report shows that last month, the revenue collecting body […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20505","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/20505","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=20505"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/20505\/revisions"}],"predecessor-version":[{"id":20512,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/20505\/revisions\/20512"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=20505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=20505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=20505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}