Understanding VAT
Date
2018
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
MRA
Abstract
Description
This brochure from the Malawi Revenue Authority provides an overview of the Value Added Tax (VAT) system in Malawi for the year 2017-2018. It explains the concept of value added, how VAT is calculated and collected by registered businesses, and the standard rate of 16.5%. The document details registration requirements, including mandatory registration for businesses with turnover exceeding K10 million and voluntary registration options for smaller businesses that meet certain criteria. It emphasizes the importance of issuing VAT invoices, maintaining proper records, and complying with rules to avoid penalties and fines. The brochure also outlines taxable and exempt supplies, the process of invoicing, and the penalties for violations such as failure to register or issue invoices. Overall, it provides guidance for businesses on VAT obligations, registration procedures, and compliance in Malawi.
Keywords
Citation
MRA, (2018) Value Added Tax Bronchure