Malawi's Ministry of Finance has published the Budget Statement for 2021-22, which was delivered in parliament on 28 May 2021. Tax policy measures of the budget are summarized as follows:
Income Tax Measures
- The introduction of two additional individual income tax (PAYE) brackets, resulting in the following brackets/rates for monthly income:
- MWK 0 to 100,000 - 0%
- MWK 100,000 to 1.0 million - 25%
- MWK 1.0 million to 3.0 million - 30%
- MWK 3.0 million to 6.0 million - 35%
- MWK 6.0 million and …