The Mid-Year Budget Review presented by Minister of Finance Goodall Gondwe, showed that corporate tax underperformed during the first half of this fiscal year.

Figures show that a 20.3% drop was registered, when compared to figures from the same period in 2018. According to the presentations by the minister, Treasury amassed K479 bn, which was quite lower than K456.7 bn collected last year.

The presentation also noted a drop in non-tax revenues which together will the tax underperformance, will affect Malawi’s economy in the rest of the fiscal year.