{"id":66991,"date":"2025-01-18T11:34:47","date_gmt":"2025-01-18T11:34:47","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed"},"modified":"2025-01-24T18:38:01","modified_gmt":"2025-01-24T18:38:01","slug":"private-sector-players-want-taxes-reviewed","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed","title":{"rendered":"Private sector players want taxes reviewed"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Malawi. <\/strong><\/span>The private sector has urged the government to review various tax policies to stimulate economic growth and enhance revenue collection.<\/p>\n<p>The industry players made the call during the 2024\/25 pre-budget consultation meeting held in Blantyre Friday.<\/p>\n<p>Malawi Confederation of Chambers of Commerce and Industry (MCCCI) Chief Executive Officer Daisy Kambalame proposed raising the threshold for the additional 10 percent corporate income tax from K10 billion to K30 billion, citing kwacha devaluation and inflation impacts.<\/p>\n<p>She also called for a review of the digital tax stamps initiative, highlighting concerns over the uniform stamp pricing regardless of product value.<\/p>\n<p>The chamber further advocated for reduced excise rates on local fruit wines from 95 percent to 10 percent and lowering spirits taxation from 110 percent to 60 percent to combat smuggling.<\/p>\n<p>Kambalame said it is important to protect emerging industries through targeted tax incentives.<\/p>\n<p>\u201cThe current corporate income tax threshold is a barrier to growth and discourages potential investors. We need to align our policies with economic realities,\u201d Kambalame said.<\/p>\n<p>Institute of Chartered Accountants in Malawi (Icam) CEO Noel Zigowa presented proposals focused on broadening the tax base and optimising revenue collection.<\/p>\n<p>Key recommendations included formalising the informal sector, particularly online businesses, and expanding the presumptive tax band up to K40 million with a 3 percent tax rate.<\/p>\n<p>\u201cWe need to introduce monthly payment options for presumptive tax to ease cashflow burden for businesses. The Paye [Pay As You Earn] tax-free band should be adjusted to K300,000 to cushion workers against inflation,\u201d Zigowa said.<\/p>\n<p>In his presentation, Minister of Finance Simplex Chithyola Banda said the economy is projected to grow by 4 percent in 2025, despite ongoing recovery from various shocks.<\/p>\n<p>\u201cThe budget remains an important tool in fostering economic prosperity and eradicating poverty, especially in times like these when the economy is experiencing various external shocks.<\/p>\n<p>\u201cWhile not all suggestions would be accommodated in the 2025\/26 budget, they would remain critical in guiding the ministry\u2019s budget process,\u201d Banda said.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Malawi<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Malawi. The private sector has urged the government to review various tax policies to stimulate economic growth and enhance revenue collection. The industry players made the call during the 2024\/25 pre-budget consultation meeting held in Blantyre Friday. Malawi Confederation of Chambers of Commerce and Industry (MCCCI) Chief Executive Officer Daisy Kambalame proposed raising [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":66990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234],"class_list":["post-66991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-malawi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Private sector players want taxes reviewed - Malawi<\/title>\n<meta name=\"description\" content=\"The private sector has urged the government to review various tax policies to stimulate economic growth and enhance reve ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private sector players want taxes reviewed\" \/>\n<meta property=\"og:description\" content=\"The private sector has urged the government to review various tax policies to stimulate economic growth and enhance reve ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed\" \/>\n<meta property=\"og:site_name\" content=\"Malawi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-18T11:34:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-24T18:38:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2025\/01\/sm_1737187729.249881.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1156\" \/>\n\t<meta property=\"og:image:height\" content=\"1121\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Private sector players want taxes reviewed\",\"datePublished\":\"2025-01-18T11:34:47+00:00\",\"dateModified\":\"2025-01-24T18:38:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed\"},\"wordCount\":336,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2025\/01\/sm_1737187729.249881.jpg\",\"keywords\":[\"Malawi\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/private-sector-players-want-taxes-reviewed\",\"name\":\"Private sector players want taxes reviewed - 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