The Taxation (Amendment) Act, No. 12 of 2024 has been published.

The Eleventh Schedule has been updated with the following amended annual rates for Income Tax on Employment effective April 2024:

• First MK1,800,000 will be taxed at 0%
• Next MK4,200,000 will be taxed at 25%
• Next MK24,600,00 will be taxed at 30% and
• Excess of MK30,600,00 will be taxed at 35%