Business and Finance

BAM Introduces VAT on Banking Services

Bankers Association of Malawi (BAM) has said it has introduced Value Added Tax (VAT) on some Banking Services.

BAM’s Acting Chief Executive Officer Lyness Nkungula has said this in a press statement.

According to Nkungula, this is in line with the amendment if the VAT Act by parliament.

The changes will effect from November 1, 2021 in which Nkungula said that some of the banking services will attract 16.5% VAT.

According to Nkungula this is in accordance with the amendment of VAT Act during the recent sitting of Parliament.

“Bankers Association of Malawi would like to inform the general public that some banking services will attract Value Added Tax (VAT) of 16.5%,” said Nkungula.

Members of the Association include CDH Investments Bank, Ecobank Malawi Ltd, First Capital Bank, FDH Bank PLC, Standard Bank PLC, MyBucks Banking Corporation, National Bank of Malawi PLC and NBS Bank Ltd.

Malawians have meanwhile taken it to social media protesting against the decision.

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