Increase in Value Added Tax annual registraton threshold
The east African state of Malawi has published its 2021/22 budget which includes a number of Value Added Tax changes. They are effective 1 July 2021. These include
- The VAT registration threshold is to rise to MWK 25million (approx. €26,000 or $31,000) from MWK 10million
- Nil-rating VAT rate will be extended to certain fuels and books
- Tightening of the rules for banking services exemption
- Shortening of the right to deduct input on purchase invoices from twelve months to six months
- Withdrawal of import VAT on books and certain agricultural machinery
How VAT Advisor gives you instant answers to global VAT headaches
| Need instant VAT / GST calculations, legal reference back-up and compliant invoices for complex cross-border transactions? |
| - Which is the right country to tax the transaction? |
| - How much VAT should be charged – based on the correct rate - and by whom? |
| - Does this change for ‘may’ provisions, triangulation, warehousing, withholding VAT and other country variations? |
| - Should you VAT register to declare and pay the VAT / GST? |
| - What local tax laws or regional VAT union rules back these conclusions? |
| - What should your sales or your supplier’s invoice include to avoid lost tax? |
| - Which VAT return boxes and filings should the transaction be reported in? |
| How our ready-to-go application, VAT Advisor, solves this: |
| Live answers based on basic details to the most complex international VAT transactions: |
| - Where and how much VAT to charge - transparent numbers to share |
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| - Fully compliant VAT invoice to share within Advisor application to agree treatment, including QR Code to meet global requirements |
| - Details of VAT return box numbers to report the sale and/or purchase |
| - Domestic and EU VAT Directive legislative references to support with colleagues, customers, suppliers or tax authorities |
| Company-wide and individual logins, enabling standard transaction template-setting to help ensure consistent and clear application for recurring transactions. You can even forward invoices to customers / suppliers for them to review and approve with their own login. |
| Since VAT Advisor is part of our single-platform VAT calculation and reporting application, VAT Calc, you can click ‘COMMIT’, and the transaction will be included in your next VAT return without further effort or reconciliation |
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