The Secretary for Economic Planning and Development and Public Sector Reforms announced the change of the fiscal year for Malawi.
This change was announced in December 2020 and is already in effect.
Click here to view the notice from the Secretary for Economic Planning & Development and Public Sector.
How does it work?
- The 2021/2022 fiscal year will be shortened to 9 months. The year will run from 1 July 2021 and will end on 31 March 2022.
- The 2022/2023 fiscal year and all subsequent fiscal years will commence on the 1st of April and end on 31 March the following year.
Impact of change of the fiscal year for Malawi on PaySpace
- The current tax year ends on 31 March 2022.
- Legislative reports will contain information for 9 months of the 2021/2022 tax year.
- Customers are advised to switch to the non-cumulative tax method.
- No other statutory changes have been announced.
- Client action: None
The PaySpace Team