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Finance Minister Proposes Excise Duty Reduction on Imported Cars

Malawi’s Finance minister, Goodall Gondwe has announced that government has determined that the excise duty rates for motor vehicles with engine capacity exceeding 3 000cc “are too high” and has been reduced which is good news to the second hand motor vehicle dealers and car importers. He said to encourage tax compliance; government has decided to reduce excised duty rates on motor vehicles, “For new motor vehicles up to 8 years old, excise duty will be reduced from 55 percent to 40 percent; for motor vehicles aged above 8 years old up to 12 years, excise duty will be reduced from 88 percent to 60 percent; and for motor vehicles aged above 12 years old, excise duty will be reduced from 110 percent to 80 percent,” said the Finance Minister.

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