SELF ASSESSMENT INDIVIDUAL RETURN MALAWI REVENUE AUTHORITY DOMESTIC TAXES DIVISION SELF ASSESMENT INDIVIDUAL RETURN (S.84 INCOME TAX ACT) TPIN. ASSESMENT NO. (ISSUED BY MRA) INCOME TAX YEAR 2………… ACCOUNTING DATE Name of taxpayer Postal Address Physical Address Telephone Fax No. Email Address: In pursuance of the provisions of section 84(1) and 84(6) of the Taxation Act of Malawi, you are hereby required to furnish the Commissioner with this self assessment return .This should be submitted within 180 days from the end of the year of assessment showing the true chargeable income, and, remit the total tax so calculated or the net tax payable to the Commissioner on submission of this return. The commissioner may raise an assessment despite your submission of the return as per provisions of section 89(1) of the Taxation Act. MRA SELF ASSESSMENT PROJECT –JULY 2009 1 SELF ASSESSMENT INDIVIDUAL RETURN CHARGEABLE INCOME AND TAX PAYABLE A B C D E F G H I LOSS B/F INCOME OR LOSS FOR THE YEAR TAXABLE INCOME / LOSS C/F (B‐A) INCOME TAX CHARGEABLE PENALTIES 1. LATE SUBMISSION OF RETURN Sec. 113(3) 2. INSUFFICIENT PROV TAX Sec. 84E(1) TOTAL TAX PAYABLE (D+E) LESS ADVANCE TAX PAID 1. WITHHOLDING TAX (Attach schedule) 2. PROVISIONAL TAX 3. TAX ON CAPITAL GAIN 4. PAYE ADD: INTEREST CHARGEABLE (Section 105(6)) MK FOR OFFICIAL USE TOTAL TAX PAYABLE OR REFUNDABLE (F‐(G+H)) DECLARATION I (FULL NAME IN BLOCK LETTERS) ……………………………………………………………………………………………………………. Declare that this form contains a complete, correct and true statement of income liable to tax of …………………………. (Name of company) based on the accounts in respect of the accounting year ending on…………………… Signature of Public Officer…………………………………………………………………………………………………………………….…… Designation………………………………………………………………………………………………………………………………………………… DATE…………………………………………… NAME OF OFFICER……………………….SIGNATURE…………………………DATE…………………………… Please attach copies of Withholding Tax certificates deducted during the year under review. MRA SELF ASSESSMENT PROJECT –JULY 2009 2 SELF ASSESSMENT INDIVIDUAL RETURN FINANCIAL INFORMATION ON THE ENTITY’S BUSINESS INCOME (Trading, Profit & Loss Account) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Sales or Turnover Opening stock Purchases Closing stock Cost of goods sold ((2+3)‐4) Gross profit (1‐5) Other income (Specify in a separate schedule)
Gross income (6+7) Expenses: Accountancy fees Salaries & wages Repairs & maintenance Bad debts Advertising & promotion Interest Transport Depreciation Other expenses( Specify in a separate schedule)
Rent payable Total expenses Net profit /Loss (8‐20) Add : Non allowable expenses Less: Allowable Deductions (specify in a separate schedule) 23 CHARGEABLE INCOME/ LOSS (To page 1)
………………………………………………….. ………………………………………………….. BALANCE SHEET INFORMATION ASSETS 24 25 26 27 28 29 30 31 32 NON CURRENT ASSETS Land & Buildings Plant & Machinery Motor vehicles Other fixed assets( specify in a separate schedule)
Total fixed assets (24+25+26+27) CURRENT ASSETS Accounts receivables Bank Stocks Other current assets( specify in a separate schedule) 33 Total current assets (29+30+31+32) 34 TOTAL ASSETS (28+33) MRA SELF ASSESSMENT PROJECT –JULY 2009 3 SELF ASSESSMENT INDIVIDUAL RETURN LIABILITIES 35 36 37 38 39 40 41 42 43 44 CURRENT LIABILITIES Short term loan Accounts payables Bank overdraft Other current liabilities(specify in a separate schedule) Total current liabilities (35+36+37+38)
NON CURRENT LIABILITIES Long term loan with interest Long term loan without interest Other noncurrent liabilities (specify in a separate schedule) Total noncurrent liabilities(40+41+42)
TOTAL LIABILITIES (39+43) INFORMATION ON WITHHOLDING TAX (Payments subject to Withholding Tax under section 102 of the Taxation Act) 45 Gross amount paid Tax withheld Net amount paid
46. Particulars of Bank Accounts Name of Bank Branch Address Account Number
Type of Account 47. INTERNATIONAL TRANSACTIONS Description Mk Acquisition from connected person/s in an international transaction of goods and Services‐total amount paid/incurred Supplies to connected person/s in an international transaction of goods and services ‐total amount received/accrued MRA SELF ASSESSMENT PROJECT –JULY 2009 4 SELF ASSESSMENT INDIVIDUAL RETURN FOR OFFICIAL USE ONLY RETURN OF INCOME MADE ON BEHALF OF AN ENTITY TPIN: Year of income: Name of taxpayer…………….……………………………………………………………………………………………………………………. Data entry: Name of Officer……………………………………………………………..Designation…………………………………………………... Siignature:……………………………………………………………………..Date……………………………………………..………………… Authorization: (Please, tick the appropriate box) Approved Not approved Return is not signed Return is complete Return contains arithmetical errors Application of wrong rates Schedules not attached Other reasons………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………………. Name of Officer………………………………………………….Designation………………………………………………………………….. Signature…………………………………………………………….Date:………………………………………………………………….……….. MRA SELF ASSESSMENT PROJECT –JULY 2009 5 SELF ASSESSMENT INDIVIDUAL RETURN MALAWI REVENUE AUTHORITY DOMESTIC TAXES DIVISION SELF ASSESMENT RETURN (S.84 (6) INCOME TAX ACT) NOTES TO THE RETURN This return should be filled and submitted to the MRA office where the Company’s Tax File is managed. 1. Completion of Return • The self assessment return is filled in duplicate by the taxpayer. • It should clearly indicate the particulars of the taxpayer e.g. Name, address, PIN and any other relevant information provided for on the return form. • The chargeable Income (Section 28 of the Taxation Act) and the tax thereon should be included in the return. 2. Filing of the Return • The filled Self Assessment Return should be presented to the MRA Office where the taxpayer has a tax file within six (6) months after the end of the taxpayers’ accounting year. • Schedules specified in the return should be attached to the return. • Tax paid during the year of Income including withholding tax should be included in the return. • The return form includes a declaration made by the taxpayer on the accuracy and completeness of the return and must be signed by the taxpayer’s representative before it is submitted to MRA. • The Commissioner may grant an extension of the filing date. 3. Penalties • Penalties must be computed for late submission of the return, Omission of Income, understatement of Income (Section 112(3)), Insufficient provisional tax (84E (1), and any other neglects in accordance with the Taxation Act. The penalties must be indicated in space provided on the return. • Where taxes or penalties have been wrongly computed the receiving officer shall recomputed them. 4. Payment of tax • The due date for payment of the tax due to MRA is the due date for submission of Self Assessment Return (within six (6) months after the end of the taxpayer’s accounting year). • All Self Assessments Returns including those where there is NIL tax payable MUST be submitted by the due date. Returns submitted after the due date even where an extension of the filing date was granted by the Commissioner must include interest on un paid tax as per section 105(5) of the Taxation Act. MRA SELF ASSESSMENT PROJECT –JULY 2009 6