Malawi Revenue Authority (MRA) has acknowledged they will have difficulties in reaching their targets to finance the K1.74 trillion 2019-2020 budget due to the impact of the Coronavirus.
The tax collector has indicated its work will be greatly affected but they are assessing how badly they will be impacted.
Commissioner General of MRA Tom Malata said once they have completed the thorough assessment of the impact, they will give out their projected numbers.
Domestic revenue for the fiscal year was projected at K1.425 trillion which is 22.7 percent of the Gross Domestic Product.
This comprised K1.369 trillion as tax revenues and K55.8 billion as non-tax revenues.
During the mid-year budget review Minister of Finance and Economic Planning Joseph Mwanamvenkha said a total of K548.6 billion was collected as domestic revenue representing a performance increase of 83.7 percent.
Malata explained they have taken up measures to ensure they meet their targets but recognised this will not be a small feat.
âWe are yet to asses but it will be a challenge for everyone as you know the whole world is affected so our supply chains as a country are being affected but we are doing an assessment to see what the impact will be, very soon we will be releasing that information,â Malata said.
Malata further said they are getting guidance from the ministerial committee that has been set up by President Peter Mutharika and that they have also set up their teams.
âWe are doing preventive measure at every border,â he said.
During the 2018-2019 budget fiscal year, domestic revenues grossed K1.006 trillion against the targeted K1.052.
Follow Us on Instagram