{"id":8573,"date":"2021-10-29T01:40:37","date_gmt":"2021-10-29T01:40:37","guid":{"rendered":"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law"},"modified":"2021-10-30T01:57:35","modified_gmt":"2021-10-30T01:57:35","slug":"banks-mra-under-fire-over-new-vat-law","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law","title":{"rendered":"Banks, MRA under fire over new VAT law"},"content":{"rendered":"

Africa-Press – Malawi. <\/strong><\/span>Banks in Malawi and the Malawi Revenue Authority (MRA) have come under fire for failing to explain clearly the services to which the new value-added tax (VAT) will apply. Malawians have argued that both the banks and the MRA do not understand the law which they are implementing.<\/p>\n

Yesterday, Bankers Association of Malawi (BAM) said from 1st November this year, some banking services in the country will now attract a Value Added Tax of 16.5%. BAM, however, kept a tight lid on the services to be affected.<\/p>\n

MRA Deputy Commissioner General, Henry Ngutwa then held a press conference where it accused BAM of misleading Malawians. According to MRA, only non-banking services are subject to VAT.<\/p>\n

On its Facebook page, MRA listed non-banking services which are charged VAT. These include fee for providing statements, payment orders or transfers and charges for provision of online banking, credit card late payment fee or limit excess fee, charges for withdrawals from any ATM and fixed or variable fees for providing bank drafts\/ wire transfers\/ foreign currency exchange.<\/p>\n

Others are charges for cash handling such as counting, sorting and safe storage, fees for processing credit or debit card payment transactions including gateway fees, interchange fees between banks, interchange fees between a bank and other financial institution or mobile financial payment service provider, merchant service fee or discount rate fee and point of sale (POS), imprinter or terminal rental charges.<\/p>\n

Malawians, however, have argued that these are banking services. \u201cYesterday, the Malawi Revenue Authority said withdrawing money from an auto-teller machine (ATM) is a non-banking service, therefore the value-added tax (VAT) will apply. Bankers, teach us. How on earth can withdrawing money from an ATM not be a banking service?\u201d said social commentator Onjezani Kenani.<\/p>\n

Law expert, Prof. Danwood Chirwa, said the revenue authority itself doesn\u2019t understand the law. \u201cThe banks to whom the law is addressed have no clue what they\u2019re expected to do with it. I\u2019ve looked the so-called law, I\u2019m not sure the person who drafted it knew what they were putting down on paper. Certainly, the MPs have no clue what they enacted. That\u2019s what happens when you put faith in charlatans,\u201d he said.<\/p>\n

For More News And Analysis About Malawi<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Malawi. Banks in Malawi and the Malawi Revenue Authority (MRA) have come under fire for failing to explain clearly the services to which the new value-added tax (VAT) will apply. Malawians have argued that both the banks and the MRA do not understand the law which they are implementing. Yesterday, Bankers Association of […]<\/p>\n","protected":false},"author":84,"featured_media":8572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,371,1195,234,1001,1000],"class_list":["post-8573","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-malawi","tag-banks","tag-malawi","tag-malawi-revenue-authority-mra","tag-taxes"],"yoast_head":"\nBanks, MRA under fire over new VAT law - Malawi<\/title>\n<meta name=\"description\" content=\"Banks in Malawi and the Malawi Revenue Authority (MRA) have come under fire for failing to explain clearly the services ...\" \/>\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\/banks-mra-under-fire-over-new-vat-law\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks, MRA under fire over new VAT law\" \/>\n<meta property=\"og:description\" content=\"Banks in Malawi and the Malawi Revenue Authority (MRA) have come under fire for failing to explain clearly the services ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law\" \/>\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=\"2021-10-29T01:40:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-30T01:57:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-617ca67267468.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1044\" \/>\n\t<meta property=\"og:image:height\" content=\"508\" \/>\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\/banks-mra-under-fire-over-new-vat-law#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Banks, MRA under fire over new VAT law\",\"datePublished\":\"2021-10-29T01:40:37+00:00\",\"dateModified\":\"2021-10-30T01:57:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law\"},\"wordCount\":386,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/malawi\/sites\/36\/2021\/10\/img-617ca67267468.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Malawi\",\"Banks\",\"Malawi\",\"Malawi Revenue Authority (MRA)\",\"taxes\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law\",\"url\":\"https:\/\/www.africa-press.net\/malawi\/all-news\/banks-mra-under-fire-over-new-vat-law\",\"name\":\"Banks, MRA under fire over new VAT law - 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