Thursday, July 18, 2024

Banks introduce VAT on some banking services

BAM introduces VAT on some banking services


Customers from 1st November, 2021 will have to dig deeper into their pockets to access Banking Services as charges are earmarked for a sharp increase.

The Bankers Association of Malawi(BAM) has made the revelation today in a Press Statement signed by the group’s Chief Executive Officer, Lyness Mkungula.

the statement reads, “Bankers Association of Malawi on behalf of its members, CDH Investment BANK, Ecobank Malawi Ltd, First Capital Bank, FDH Bank Plc, MyBucks Banking Corporation, National Bank of Malawi Plc and NBS Bank Ltd would like to inform the general public that from 1st November, 2021, some banking services will attract Value Added Tax(VAT) at 16.5%, as necessitated by the amendment of the VAT Act during the recent sitting of Parliament.”

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