Saturday, November 10, 2012
Remembering Ken E. Kandodo as Finance Minister
Mr. Speaker, Sir, Honourable Members may wish to note that, for many years, a training allowance has been granted to companies as an allowable expense, in addition to the actual expenditure on training. This led to a double subsidy to companies on training expenses, resulting in the depletion of the revenue-base through direct deductions and declaration of tax losses in some cases. Accordingly, training allowance as an allowable expense has been abolished; however, the actual expenditure on training will remain an allowable deduction- 2011/12 Budget Statement, Delivered in the National Assembly of the Republic of Malawi by the Minister of Finance, Honourable Ken E. Kandodo, M.P. at New Parliament Building, Lilongwe.