Update - Malawi Confirms Effective Date of Individual Income Tax Changes in Taxation (Amendment) Act 2021

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…