Value Added Tax (VAT) arrangements and regulations 2024

Abstract

The "Value Added Tax (VAT) arrangements and regulations 2024" provides comprehensive statutory guidelines governing the administration, registration, taxation, and compliance procedures related to VAT in Malawi. It delineates the roles and responsibilities of taxable persons, including registration processes, tax calculation methods, and record-keeping requirements. The regulations establish rules for taxable supplies, input tax deductions, invoicing, and refunds, alongside provisions for group registration and transfer of business interests. The document also outlines enforcement mechanisms, penalties for non-compliance, and the authority's powers to issue manuals and circulars to ensure effective VAT management. Overall, the regulation aims to facilitate a transparent and efficient VAT system to support revenue collection and economic regulation within the country.