Industrial Rebate Operators reminded to renew licences

The Malawi Revenue Authority is reminding Industrial Rebate Scheme operators to renew their licences and obtain Tax Clearance Certificate as provided in the eighth schedule of the Customs and Excise Act.

 Manufacturers under the scheme are required to pay K5, 000 before the first day of January each year.

The Act stipulates that: “At the time of registration and annually thereafter not later than the 1st day of January in each year the manufacturer shall pay to the Commissioner General a fee of K5, 000: Provided that if the manufacturer is registered after the 30th day of June in any year he shall pay a fee of K2, 500 in respect of that year”

 According to the Act, MRA is obliged to revoke registration of any manufacturer which fails to pay or renew its licence.

 “If a registered manufacturer does not pay the annual fee on or before the 1st day of January in any year the registration of such manufacturer shall be cancelled on and from the 1st day of January of that year,”

 Industrial rebate Operators are further informed to obtain a Tax Clearance Certificate and prepare for an inspection instituted by the Commissioner General to assess if materials entered under rebate are used.

 MRA, Commissioner General may also at any time cancel the registration of a manufacturer if satisfied that conditions of the bond are not adhered to.