Thursday, March 28, 2024

Featured Video

Top 5 This Week

Top 10 Music

[showmfm]

Upcoming Events

[showevents]

Mlusu Fires Warning Shots At Banks On VAT

Minister of Finance Felix Mlusu has warned commercial banks against transferring 16.5 percent Value Added Tax (VAT) to customers, adding this is against the law.

Mlusu told the press that the statement Bankers Association of Malawi (BAM) released, is a clear indication that even banks do not understand the Act, as the VAT only affects the money banks have been deducting from customers.

He has since called on bank customers who have been affected with any bank deduction of VAT, to report such entities to the Reserve Bank of Malawi, and such deductions will be refunded.

On the messages banks have sent to customers, Mlusu said the charges should not in any way, affect customers.

Source:MBC

Related Posts

Robert Ngwira
Robert Ngwira
Attended Our Future Private Secondary School in Rumphi from 2006-2009 Holder of Diploma in Journalism from Malawi Institute of Journalism (MIJ) Hobbies, reading newspapers, going out with friends, listening to radio and watching football. Email: info@faceofmalawi.com

Popular Articles