Malawi - New Tax Rates for 2023/2024

Malawi - New Tax Rates for 2023/2024

The Minister of Finance and Economic Affairs in his Budget Statement to Parliament in March 2023, announced new measures for Domestic Taxes. The measures became effective in April 2023, following the publication of the Taxation (Amendment) Act.

The following amendment affects payroll for the 2023/2024 tax year:
  1. Revision of the Pay As You Earn (PAYE) tax brackets on employment income in the Eleventh Schedule to the Act and removal of the 40% bracket.

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