Malawi: Proposed Changes for 2023/2024

Malawi: Proposed Changes for 2023/2024

The Budget Statement for 2023/2024 was presented by the Minister of Finance and Economic Affairs on 2 March 2023. The following amendments affecting payroll were proposed in the Budget Statement:
  • The PAYE schedule will be amended by removing the 40% bracket (the rest of the brackets will remain unchanged).
  • The Regulations on Fringe Benefit Tax and PAYE will be amended to include a penalty for failure to submit returns.
Please note that these are only proposed changes and not law yet.

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