The government wants to collect over K5 billion from the estate of former President Bingu wa Mutharika in unpaid estate duty.

Date:

The government wants to collect over K5 billion from the estate of former President Bingu wa Mutharika in unpaid estate duty.

According to documents filed at the Zomba High Court Registry which The Daily Times has, Mutharika’s estate, which is currently administered by her daughters Duwa Marien Mutharika Mubaira and Tapiwa Ellen Mutharika, has not paid estate duty 14 months after the death of Mutharika.

Section 17 of the Estate Duty Act states that estate duty should be paid six months after the time of an estate owner’s death.
According to assessments done by YMW Property Investment Limited, Mutharika accumulated wealth of K61 350, 437, 237.62 and his estate is supposed to remit 11 percent of that which amounts to K6, 748, 548,096.13. However, after some deductions the figure to be paid comes down to K5, 318, 383, 730.16.

“Upon a preliminary examination of the estate duty in connection with the estate of the above deceased a provisional assessment of K5,318, 383, 730.16 duty been made upon the estate as at present disclosed.

“This assessment is made without prejudice to the right of Commissioners to make further assessments as a result of further examinations and charge further duty thereby disclosed as payable,” reads an assessment note Ref. ED 39042 dated June, 17, 2013 and signed by Assistant Secretary to the Estate Duty Commissioners a P.M Chimteya.

A court affidavit shows that the assessment of Mutharika estate involved the valuation of real property, bank balances, business valuation and plant and machinery.

Earlier this year, Mutharika’s deceased estate made headlines as there were disagreements between her children and their step mother Callista Mutharika over ownership of Casablanca Manor commonly known as Ndata mansion. – By Madalitso Musa

Subscribe to our Youtube Channel:

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Featured Video

click to play

Popular

More like this
Related

Police Officer Allegedly Kills Girlfriend at University of Zambia

Zambia is in shock after a brutal murder that...

Watch as Slay Queen trends on social media with her new fashion

Unidentified Slay Queen has outclassed South Africa's pant-less star...

ACB denies obtaining Colleen Zamba’s arrest warrant

The Anti-Corruption Bureau has denied social media reports that...