Malawi - Budget Speech proposes changes to PAYE Tables for 2024/2025 - Effective 1st April 2024
In Malawi, The Minister of Finance and Economic Affairs recently announced proposed PAYE changes for the 2024/2025 tax year.
The proposed changes include an increase to the zero Pay As You Earn (PAYE) bracket from K100,000 to MK150,000.
Accordingly, the new monthly PAYE structure will be as follows:
i. First MK150,000 will be taxed at 0 percent.
ii. next MK350,000 will be taxed at 25 percent.
iii. next MK2,050,000 will be taxed at 30 percent; and
iv. excess of MK2,550,000 will be taxed at 35 percent.
At this stage, we are still waiting for these changes to be published and gazetted and will keep you updated as we approach the new tax year.
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