Malawi Kwacha Converter
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.