The Minister of Finance, Honourable Thabo Sophonea, presented the Budget Speech for the Kingdom of Lesotho on the 2nd of March 2022. The proposed changes were gazetted on Friday, 8 April 2022.
As per the Income Tax (Monetary Amounts) (Amendment) Regulations 2022, the tax credit has been adjusted from M10 080.00 to M10 560.00 per annum and the minimum annual taxable income increased from M64 200.00 to M67 440.00 per annum, effective 1 April 2022.
Click here for the Budget Speech.
Click here for the Legal Notice no. 35 of 2022.
Personal Income Tax 2022/2023 –
Annual Personal Income Tax Tables for 1 April 2022 to 31 March 2023
|Lower Income Limit||Upper Income Limit||Income Threshold||Marginal Rate||Tax on Threshold|
|67 440.00||9 999 999 999.00||67 440.00||30%||13 488.00|
Non-refundable Tax Credit 10 560.00 per annum.
Impact of the Lesotho Tax Tables 2022 changes on PaySpace
- The new Tax Tables and Tax credit changes have been implemented on the system effective 01 April 2022.
- Companies have been recalculated.
- No other statutory changes have been announced.
The PaySpace Team