Parly Nods Bill Amendment; Customary Land Bill & Vat Bill
Members of parliament have today Tuesday given a nod to the amendment of two bills; the Customary Land Bill and the Value Added Tax Bill.
The Tax Amendment bill will allow the removal of 16.5 percent Value Added Tax VAT on cooking, sanitary pads, and other commodities beginning 1st April.
This is coming amid skyrocketing prices of essential items such as cooking oil. However, Cooking oil manufacturers shoved the blame on the increase in oil prices to VAT that was imposed on the commodity in the just ending financial plan.
Finance Minister, Sosten Gwengwe says government expects that cooking oil prices will eventually go down in reflection of the new tax measures.
Meanwhile, economic expert Dr. Betchani Tchereni says the bill will improve the country’s economic situation.
The amended Value Added Tax law will operate for a year, subject to change if the economic environment changes.
The country’s purse keeper has since dismissed fears that the decision will affect the national budget which the house approved days ago.
The amended customary land bill which was presented in parliament this morning aims at empowering Malawians to acquire land in the country.
The development comes amid concerns of land acquisition wrangles.
The new law according to Minister of lands Sam Kawale will also promote separation of powers, transparency, and accountability with regard to land acquisition.
Governance and social Commentator Sheriff Kaisi believes the law will bring sanity to the country.
Still in the August House, the lands minister also shared his ministry's ambition of improving the country's slums through the slum upgrade project which is expected to begin this year, targeting 3 thousand households.
Last modified on Wednesday, 30/03/2022