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.
Related Articles
Malawi | Budget Speech 2025/2026
On 28 February 2025, Malawi’s Minister of Finance and Economic Affairs, Simplex Chithyola Banda, delivered the 2025/2026 Budget Speech in the National Assembly. The budget focuses on stabilizing the economy in response to slow GDP growth, high ...
Lesotho Budget Speech 2024
On February 21, 2024, the Budget Speech for the fiscal year 2024/2025 was presented by the Minister of Finance and Development Planning of Lesotho. During the budget speech, the following proposals affecting payroll were announced: Modifications to ...
Mauritius | Budget Speech 2025-2026
On 5 June 2025, the Minister of Finance, Dr. the Honourable Renganaden Padayach presented the 2025/2026 National Budget. Among the proposed measures are significant changes to the personal income system, personal reliefs, deductions and fringe ...
Malawi: Proposed tax changes 2022/2023
The Minister of Finance and Economic Affairs Sosten Gwengwe has presented the 2022/2023 national budget for Malawi. Please note that the Income Tax changes will be effective on the 1st of April 2022 once the relevant Bills have been passed by ...
Malawi: 2022/2023 Tax changes
The 2022/2023 Budget Statement was Delivered to the National Assembly of the Republic of Malawi by the Minister of Finance and Economic Affairs on Friday, the 18th of February 2022. The proposed changes came into effect on the 1st of April after the ...