Blantyre — The Malawi Revenue Authority has started the new financial year on a good note as they have managed to beat their set target by K0.7 billion.
According to the revenue report for the month of July published by MRA the target was K40.2 billion but they collected K40.9 billion.
"MRA beat the month's set target by collecting K40.9 billion above the projected K40.2 billion," according to the document.
K28.4 billion was collected from Domestic Taxes Division above a set target of K26.5 billion.
"Of this, K22.5 billion was collected under income and profits taxes and this was against the projected collection of K19.3 billion. A further K3.7 billion was collected under domestic Value Added Tax," according to the July report.
The remaining k12.5 billion was collected by Customs and Excise but was k1.1 billion below the target of K13.6 billion.
MRA's 2014/15 revenue collection target is at K492.4 billion with the Domestic Taxes Division expected to amass K317.7 billion while Customs and Excise target is K174.7 billion.