Payroll is the largest expense of an organisation and should be managed with attention to detail to pay employees accurately and on time.
The payroll division has the added pressure of legislative compliance as stipulated in the Income Tax Act and managed by the Revenue Authority. In addition, the company policies must be enforced considering the leave rules and onboarding procedures and adherence to reporting requirements for payroll funds such as Medical Aids and Retirement Annuities.
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Minister of Finance, Felix Mlusu delivered the 2021/22 Budget Speech on 28th of May 2021 to the National Assembly to announce the Malawi Tax Year Changes 2021.
The Zanzibar Tax Year Changes 2021 was proposed. The Finance Act 2021 does not dictate the tax rate changes to apply to Zanzibar.
