The Malawi Revenue Authority (MRA) is recording low import tax and evidence that the country’s imports have gone down.
Malawi continues to have a wide trade deficit with exports remaining lower than what enters the country’s borders.
However, tax Authorities have said during this time of the year imports tend to shift towards agriculture hence minimizing the overall import goods.
This has seen import tax, especially VAT going down.
The same has been seen in Import Duty which has also missed its MK7.6 Billion target, as only MK6.9 Billion has been realised due to a drop in dutiable goods.
But Director of Corporate Affairs for the MRA Steve Kapoloma told local media that they are optimistic of meeting the expected targets as the financial year progresses.
Meanwhile, the Malawi Confederation of Chambers of Commerce and Industry has requested for a revision of some important Acts governing export of goods.
These include control of goods Act and Special crop Act.
The decision has been arrived at following complaints that the ban on Maize export was lifted too late when farmers had already fetched low prices for the grain.
According to Karl Chokhotho, President for the MCCCI, revision of the Acts will go a long way in ensuring that farmers are selling their commodities at a fair price.
The top exports of Malawi are Raw Tobacco ($702M), Dried Legumes ($111M), Raw Sugar ($85.4M),Tea ($73M) and Raw Cotton ($25.6M).
The top export destinations of Malawi are Belgium-Luxembourg ($159M), Germany ($147M), India ($101M), South Africa ($75.2M) and the United States ($72.3M).
The top import origins are South Africa ($449M), China ($309M), India ($238M), the United Arab Emirates ($236M) and Zambia ($119M).