MRA beats July 2024 target by K15 billion
By Tikondane Vega Lilongwe, August 8, Mana: Malawi Revenue Authority (MRA) says it has managed to collect K329 billion beating a target of K314 billion that was planned to be collected for the month of July, 2024. MRA Head of Corporate Affairs, Steven Kapoloma, attributed the success to the support taxpayers are rendering to the […]
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By Tikondane Vega
Lilongwe, August 8, Mana: Malawi Revenue Authority (MRA) says it has managed to collect K329 billion beating a target of K314 billion that was planned to be collected for the month of July, 2024.
MRA Head of Corporate Affairs, Steven Kapoloma, attributed the success to the support taxpayers are rendering to the Authority.
Kapoloma made the remarks in Lilongwe on Thursday, during a media training on new tax measures.
He said the collection represents a year-on-year growth of 62 percent from around K203 billion collected during the same month in 2023.
“Looking ahead to the remaining eight months of the 2024/2025 financial year, MRA aims to achieve a total collection of K3.26 trillion. Therefore, I call upon all taxpayers to continue contributing their fair share of taxes voluntarily.
“The Authority is highly optimistic that the targeted revenue collection performance for the rest of the year will be met. This will require concerted efforts from all of us and that includes the media because you are very critical in shaping the mindset change required to achieve the Tax Compliance levels that will drive the development of this country,” he said.
According to Kapoloma, the Authority started the 2024/2025 financial year on a promising note with the first quarter collection totaling K656.48 billion as of June 30, 2024.
However, the collection falls short of the quarterly target of K748.11 billion by K91.62 billion.
He said, this collection represents a growth of 41 percent compared to the first quarter of the 2023/2024 financial year.
“During the 2023/2024 financial year, the aAuthority posted high revenue performance with a total collection of K2.19 trillion.
This is an unprecedented record for MRA and represented a 42 percent growth over the 2022/2023 fiscal year collection of K1.54 trillion,” he said.
Recently, two parliamentary committees namely; Public Accounts Committee and Industry, Trade and Tourism commended the tax collection body for working tirelessly to ensure that the country has enough resources to support its people.
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