Professional Documents
Culture Documents
Jun-14
Type of Tax
Actual
Actual
Projection
Variance
Actual
Projection
Variance
13,885.14
22,513.29
19,349.49
3,163.80
22,513.29
19,349.49
3,163.80
7,090.96
9,000.52
7,893.04
1,107.48
9,000.52
7,893.04
1,107.48
7,090.96
9,000.52
7,893.04
1,107.48
9,000.52
7,893.04
1,107.48
255.58
1,330.77
1,260.78
69.99
1,330.77
1,260.78
69.99
95.44
1,073.01
1,017.32
55.69
1,073.01
1,017.32
55.69
160.14
257.76
243.47
14.30
257.76
243.47
14.30
2,855.74
8,462.61
7,008.79
1,453.83
8,462.61
7,008.79
1,453.83
Company Assessments
1,689.37
1,220.41
1,056.25
164.16
1,220.41
1,056.25
164.16
Provisional Tax
1,166.37
7,242.21
5,952.54
1,289.67
7,242.21
5,952.54
1,289.67
Withholding Tax
3,682.86
3,719.38
3,186.88
532.50
3,719.38
3,186.88
532.50
15,800.96
14,316.42
16,350.93
(2,034.51)
14,316.42
16,350.93
(2,034.51)
11,973.83
9,737.15
12,157.23
(2,420.08)
9,737.15
12,157.23
(2,420.08)
Domestic
5,084.18
3,756.73
5,361.65
(1,604.92)
3,756.73
5,361.65
(1,604.92)
Import
6,889.66
5,980.43
6,795.59
(815.16)
5,980.43
6,795.59
(815.16)
3,827.13
4,579.27
4,193.70
385.57
4,579.27
4,193.70
385.57
Local
1,133.72
1,880.47
1,408.68
471.79
1,880.47
1,408.68
471.79
Import
2,693.40
2,698.80
2,785.02
(86.22)
2,698.80
2,785.02
(86.22)
4,033.35
3,795.58
4,037.90
(242.32)
3,795.58
4,037.90
(242.32)
Import Duty
4,027.70
3,795.09
4,037.90
(242.80)
3,795.09
4,037.90
(242.80)
Prepayment
5.65
0.48
0.48
0.48
0.48
156.43
343.42
465.97
(122.55)
343.42
465.97
(122.55)
Miscellaneous Duties
24.87
48.85
41.67
7.18
48.85
41.67
7.18
Penalties
19.66
5.39
33.68
(28.29)
5.39
33.68
(28.29)
Dividend Tax
111.08
288.43
389.29
(100.86)
288.43
389.29
(100.86)
Turn-over Tax
0.82
0.75
1.32
(0.58)
0.75
1.32
(0.58)
33,875.87
40,968.70
40,204.29
764.41
40,968.70
40,204.29
764.41
(1,000.31)
(636.73)
(1,005.11)
368.38
(636.73)
(1,005.11)
368.38
32,875.56
40,331.97
39,199.18
1,132.79
40,331.97
39,199.18
1,132.79
Corporate
Excise Duties
International Trade
Other
Tax Refunds
Net Tax Revenues
Jul-14
In the month of July 2014, gross tax revenues amounted to MK40.97 billion, some 2
percentage points higher than the monthly projection and 21 percent above the June
2014 collection. The marginal performance was on account of underperformances in
goods and services, international trade and other taxes. Income and profits however,
exceeded its target for the month by 16 percent on account of good performance from
PAYE and Corporate taxes.
JULY 2014 OUTTURN
Income and Profits: At MK22.51 billion, income and profits over performed its projection by
16 percent reflecting strong performance in all tax lines under this category.
Pay As You Earn (PAYE): A total of MK9.00 billion was collected in PAYE during the month
under review. This was 14 percent and 27 percent above the projection for the month and the
June 2014 level, respectively. This was attributable to receipt of delayed PAYE payment on
salaries; the payment for June 2014 was only received in the month of July 2014. In addition,
new taxpayers who registered in the month under review contributed to the good performance.
Fringe Benefit and Non-Resident Taxes: A total of MK1.33 billion was registered under
fringe benefit and non-resident taxes. This compared favorably with the target of MK1.26
billion. Fringe benefit tax and non-resident tax grew by 6 percent in part due to the effect of
the modest depreciation of the kwacha on payments to non-residents. The Malawi kwacha
depreciated marginally against the US dollar during the month under review.
Company Tax: A total of MK8.46 billion was collected in July 2014 by way of Company
taxes compared to a projection of MK7.01 billion and an actual of MK2.86 billion collected
in June 2014. The good performance was against a backdrop of over performances in both
company assessments and provisional tax against targets for the month. Ordinarily this trend
is expected during July because this is one of the months during which quarterly taxes such
Cumulative 2014/15 FY