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 April 2023, following the publication of the Taxation (Amendment) Act.
The following amendment affects payroll for the 2023 – 2024 tax year:
• Revision of the Pay As You Earn (PAYE) tax brackets employment income in the Eleventh Schedule to the Act and removal of the 40% bracket.
Click here for the Taxation (Amendment) Act.
Tax Tables 2023 – 2024
Rates of Income Tax on Employment Income for 01 April 2023 – 31 March 2024:
Impact of the Malawi New Tax Tables 2023 – 2024 on PaySpace
• The new tax tables have been implemented on the system effective 01 April 2023.
• All Malawian payrolls with open runs have been recalculated.
• No other statutory changes have been announced.
Should you have any questions regarding the Malawi New Tax Tables 2023 – 2024, please feel free to visit our Support page for more ways to get in touch, or email us at [email protected]
The PaySpace Team