The Malawi Revenue Authority has published an update on Pay As You Earn (PAYE) that confirms the effective date for the individual income tax brackets/rates for annual taxable employment income as introduced by the Taxation (Amendment) Act 2021. This includes that the following brackets/rates are effective for employment income from 13 August 2021 as converted to annual amounts:
- up to MWK 1.2 million - 0%
- over MWK 1.2 million up to 12.0 million - 25%
- over MWK 12 million up to 36 million - 3…