afrol News, 6 May - Mozambican authorities are expecting to post a huge loss in tax revenues this year, citing the global economic crisis effects as the major problem.

The head of the Mozambican Tax Authority, Rosario Fernandes, was quoted in media reports saying the country could experience losses of up to US$ 100 million, though he said the figure could be changed as the final compilation of revenues collected was yet to be completed.

Mozambique's authorities have however taken a step forward in making sure that all companies adhere to the state laws and meet their tax obligations.

The head of the tax authority made a warning to companies and institutions to comply with tax payments by auditing corporate accounts or financial results.

"We are intensifying probes into the data given to us by the companies to verify to what extend the information, especially with regard to tax payments and remittances, is accurate or represent the real situation of the companies," he was quoted saying.

The state news agency AIM reported that Mozambique had expected to collect $1.725 billion in in taxes this year up from $1.466 billion in 2008 and $1.294 billion in 2007, with tax revenue mainly expected to boost the current state budget.

By staff writer

© afrol News

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