February 26, 2021 Jeromy Kadewere – Nyasa Times 15 Comments
Castel Malawi Limited, manufacturers of alcoholic and non-alcoholic beverages, has warned that the external threats in the current operating environment pose a risk to the company’s future development sustainability.
Castel Malawi statement
According to a 2020 Castel Malawi Limited financial Statement, the burden of the taxes remains critical and hardly sustainable.
“Despite Cost savings, retreachment plan, Castel Malawi remains in heavy financial losses comparing the previous years due to internal and external factors and threats affecting the business,” reads the statement.
It also states that, as a Malawian producer, Castel Malawi suffers from a high and uncompetitive tax regime while neighbouring countries like Tanzania and Mozambique incentivise their industries remain competitive and attracts local investment.