President Peter Arthur Mutharika has said Malawi is losing a lot of money through tax evasion and his government will put up mechanisms to halt such malpractice which he said is crippling the economy and development of the country.

President Mutharika made the remarks on Thursday at Luwerezi during a development rally in Traditional Authority Khosolo in the district.

He said government is aware of other foreign investors who evade paying taxes to the country and externalize forex, a thing which is bad for the country’s economy.

He said Malawi has the potential to do better economically if people and other investors in the country can abide to pay their taxes effectively.

“I am aware that some people evade tax and they also take forex outside the country which is very bad for our country’s development.Malawi would have been rich if people and other investors would honour their taxes. My government will make sure that this malpractice is dealt with accordingly,” said Mutharika.

The president hinted on the importance to have a new law which will check against mineral exploitation in the country saying Malawi has a lot of Minerals but the country do not benefit.

He said in the next sitting of parliament he will make sure that such law is passed to ensure that the minerals are positively contributing to the economy and development of the country.

Speaking of Chikangawa Forest the President highlighted the depletion of Chikangawa forest which he said is in bad condition.

Mutharika said his government is aware that licenses were being dubiously awarded mostly to foreign nationals and has not benefited the local citizenry.

He said even Traditional Authority M’mbelwa do not have control over the forest, hence the need to put the forest under local control to ensure it is protected and benefit the people.