New Malawi Tax Tables 2022
The 2022/2023 Budget Statement was delivered to the National Assembly of the Republic of Malawi by the Minister of Finance and Economic Affairs on Friday, the 18th of February 2022. The proposed changes came into effect on the 1st of April after the enactment of the Taxation (Amendment) Act, 2022.
To continue to improve the progressivity of the Pay As You Earn (PAYE) system and ensure that Government continues to raise realistic revenues from PAYE, the monthly PAYE schedule has been revised.
The Taxation (Amendment) Act, 2022 amended the rates of Income Tax on Employment Income. Before the amendment, the 25% bracket covered monthly income up to MWK900 000.00. The change has extended the 30% bracket to MWK3 000 000.00 while in the 2021/2022 fiscal year, 30% was applied to employment income up to MWK2 000 000.00.
Click here for the Taxation (Amendment) Act, 2022.
Malawi Tax Tables Changes 2022-2023
The tax tables have been updated effective 1 April 2022.
| Lower Income Limit | Upper Income Limit | Marginal Rate | Tax on Threshold |
| 0.00 | 1 200 000 | 0% | 0.00 |
| 1 200 000 | 3 960 000 | 25% | 0.00 |
| 3 960 000 | 36 000 000 | 30% | 690 000 |
| 36 000 000 | 72 000 000 | 35% | 10 302 000 |
| 72 000 000 | 9 999 999 999 | 40% | 22 902 000 |
Impact of the Malawi Tax Tables 2022 Changes on PaySpace
- The Tax Tables have been implemented on the system effective 1 April 2022.
- No other statutory changes have been announced.
- Companies have been recalculated.
Should you have any questions regarding this change, please feel free to visit our Support page for more ways to get in touch, or email us at [email protected].
The PaySpace Team
