Business

Rice Farmers in Chikwawa Cry Foul Over Markets

Rice Farmers in Chikwawa Cry Foul Over Markets

Business
Scores of rice farmers in the Lower Shire district of Chikwawa have expressed concern over the challenges they are facing to fetch good markets for their crop produce. The farmers raised the concern at Nkhathe Rice Irrigation Scheme in Chikwawa on Thursday when 30 of their counterparts received certificates following a one year training in agri – business organized by African Institute of Corporate Citizenship (AICC). According to the farmers, the difficulties they face when growing the crop were similar to those they encounter at the market after harvest, thereby affecting their socio – economic status. Traditional Authority Makhuwira, who is also a rice farmer himself and whose area has many rice schemes said there was need for farmers to have reliable markets to fully benefit from
Govt Removes VAT on Cooking Oil

Govt Removes VAT on Cooking Oil

Business
Government of Malawi has removed 16.5% Value Added Tax (VAT) on edible fats and Oils. According to Malawi Government Gazette (VAT Amendment Act) Number 25 for 2017, VAT has been exempted on animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes under customs tariff subheadings 1501.00.00 to 1522.00.00. The development means that cooking oil will no longer attract VAT at 16.5% effective 1st July, 2017. Other amendments include exemption of 16.5% import VAT on dairy produce; birds eggs, natural honey and infant milk, increase in tax-free income tax brackets from MK20,000 to MK30,000 per month and increase on penalties for failure to file a return or late payment of taxes. NE
Mtsamunda At Illovo:  MD Exploiting Malawians, Employees Planning Strike Over Clean Wage

Mtsamunda At Illovo: MD Exploiting Malawians, Employees Planning Strike Over Clean Wage

Business
Illovo Sugar Malawi Limited employees are set to go on strike to protest against management’s decision to introduce clean wage- a new concept in compensation and benefit for employees where all allowances are amalgamated under one head and that may be basic salary. The employees are also planning downing tools inorder to force the removal of their Managing Director, Mark Bainbridge whom they are accusing of abusing his juniors apart from removing Malawians anyhow from top management positions replacing them with expatriates. Illovo is a wholly-owned subsidiary of London-listed Associated British Foods and operates in South Africa, Mozambique, Tanzania, Malawi, Zambia and Swaziland. Threats of industrial strike come almost two months after the company hiked sugar prices- a decision whi
Crackdown On Cheap Liquor, Police Deployed To Control Smuggling

Crackdown On Cheap Liquor, Police Deployed To Control Smuggling

Business, National
Government has deployed police officers in all border areas across the country while the fight against cheap liquor takes new stance. Cheap liquor which is 10 times stronger than normal beer stirred debate in Parliament as it continues to destroy young lives, potentially impacting the country's development. Midori and Shooter are some of the cheap liquor being found on the market despite Malawi Bureau of Standards (MBS) outlawing it a couple of years ago. Industry, Trade and Tourism Minister Joseph Mwanamveka and Home Affairs and International Security Minister Grace Chiumia told Parliament that government has banned all manufacturers and distributors of the cheap liquor locally called masacheti with immediate effect. The super-strength liquor is cost as little as K100 (14 cents) it af...
Govt To Enforce 1% Tourism Levy

Govt To Enforce 1% Tourism Levy

Business
Malawi government through the Ministry of Industry Trade and Tourism has started enforcing the collection of 1% tourism levy as stipulated in the Tourism and Hotels Act CAP 50:01 of the laws of Malawi. The ministry through the Department of Tourism will be enforcing the exercise of the levy which every designated tourism enterprise is required to remit monthly. Tourism enterprises are required by the Act to remit Tourism Marketing Levy by the 12th day of each month and collected funds will be used for destination marketing. Government has warned it will close down all enterprises that will not comply and will only be re-opened after clearing all outstanding levies. A team of officers and auditors from the Department of Tourism from Monday 26th June embarked on a nationwide exercise to
Illovo Sugar Malawi Dragged To Court For Defrauding Shareholders Billions of Kwachas

Illovo Sugar Malawi Dragged To Court For Defrauding Shareholders Billions of Kwachas

Business, National
Illovo Sugar Malawi is in court for allegedly siphoning billions of Kwachas from its local shareholders to Illovo South Africa and its UK-based parent company, Associated British Foods. Minority shareholder, Prudential Holdings Ltd (PHL) has dragged the company to court over a series of fraud related charges including making undisclosed payments to the two companies. PHL chairperson, Ramesh Savjani who testified in court on Tuesday 27th June, 2017 is demanding the sugar producer and its 11 directors to disclose commission payments of K355 million ($500,000) and K603 million ($900,000) and the details of transactions and procurement services that attracted a K300 million ($450,000) with Illovo South Africa. Other transactions under the spotlight include K122 million interest being payabl...