According to recent reports, the Malawi government has proposed changes to provide individual income tax relief as part of a provisional budget for 2020-21. This includes an increase in the monthly tax-free band from MWK 45,000 to MWK 100,000 (from MWK 540,000 to MWK 1.2 million annually), along with the repeal of the existing 15% tax band, resulting in the following annual individual income tax bands:
- up to MWK 1.2 million - 0%
- over MW 1.2 million to MWK 36 million - 30%
- over MWK 36 million…