{"id":8540,"date":"2021-10-29T01:31:19","date_gmt":"2021-10-29T01:31:19","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services"},"modified":"2021-10-30T01:50:26","modified_gmt":"2021-10-30T01:50:26","slug":"govt-introduces-vat-on-banking-services","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services","title":{"rendered":"Govt introduces VAT on banking services"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Malawi. <\/strong><\/span>Malawians should expect tougher times ahead as the Bankers Association of Malawi (BAM) has announced the introduction of Value Added Tax (VAT) on some banking transactions following the amendment of VAT Act by Malawi Government.<\/p>\n<p>This is according to BAM\u2019s press statement seen by this publication and signed by the association\u2019s Acting Chief Executive Officer Lyness Nkungula. In the statement, Nkungula said from 1st November this year, some banking services in the country will now attract a Value Added Tax of 16.5%. She said the development follows the newly amended VAT Act in the previous sitting of Parliament.<\/p>\n<p>\u201cBankers Association of Malawi on behalf of its members, CDH Investment bank, Ecobank Malawi ltd, First Capital Bank, FDH Bank plc, Standard Bank plc, Mybucks banking corporation, National Bank of Malawi plc, NBS bank ltd, would like to inform the general public that from 1st November, 2021, some banking services will attract Value Added Tax (VAT) at 16.5%.<\/p>\n<p>\u201cThis is in accordance with the amendment of VAT act during the recent sitting of parliament,\u201d reads the statement.<\/p>\n<p>Though the association did not disclose which services will attract VAT, Malawi24 understand that the VAT will be on; on ATM transactions, money transfer to other banks and cash transfer to mobile wallets just to mention a few. This is likely to be a burden to customers considering that there is already a normal service fee on most of these services.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/malawi\">Malawi<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Malawi. Malawians should expect tougher times ahead as the Bankers Association of Malawi (BAM) has announced the introduction of Value Added Tax (VAT) on some banking transactions following the amendment of VAT Act by Malawi Government. This is according to BAM\u2019s press statement seen by this publication and signed by the association\u2019s Acting [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":8539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[233,371,3086,1195,234,1000],"class_list":["post-8540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-malawi","tag-bankers-association-of-malawi","tag-banks","tag-malawi","tag-taxes"],"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>Govt introduces VAT on banking services - Malawi<\/title>\n<meta name=\"description\" content=\"Malawians should expect tougher times ahead as the Bankers Association of Malawi (BAM) has announced the introduction of ...\" \/>\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\/govt-introduces-vat-on-banking-services\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt introduces VAT on banking services\" \/>\n<meta property=\"og:description\" content=\"Malawians should expect tougher times ahead as the Bankers Association of Malawi (BAM) has announced the introduction of ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services\" \/>\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=\"2021-10-29T01:31:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-30T01:50:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-617ca4bf75d25.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1401\" \/>\n\t<meta property=\"og:image:height\" content=\"1085\" \/>\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=\"1 minute\" \/>\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\/govt-introduces-vat-on-banking-services#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Govt introduces VAT on banking services\",\"datePublished\":\"2021-10-29T01:31:19+00:00\",\"dateModified\":\"2021-10-30T01:50:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services\"},\"wordCount\":253,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-617ca4bf75d25.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Bankers Association of Malawi\",\"Banks\",\"Malawi\",\"taxes\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/govt-introduces-vat-on-banking-services\",\"name\":\"Govt introduces VAT on banking services - 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