Malawi Parliament Approves 2024/2025 Budget Including Additional Corporate Income Tax for All Businesses with Profits Exceeding MWK 10 billion

Malawi's Parliament has announced its approval of the 2024/2025 Budget on 26 March 2024. The tax measures of the budget as presented in the 2024/2025 Budget Policy Statement in February 2024 include the following:

• The monthly PAYE income tax structure is revised as follows with an increase in the 0% bracket threshold from MWK 100,000 to MWK 150,000:
  • up to MWK 150,000 - 0%
  • over MWK 150,000 up to 500,000 (Next MWK 350,000) - 25%
  • over MWK 500,000 up to 2,550,000 (Next MWK 2,050,000 - 30%
  • ove…