News FlashesApril 19, 2022CRS News Flash 14 March 2022 – MALAWI – 2022-2023 Tax Changes

APRIL 2022 – MALAWI
TAX CHANGES REGARDING THE 2022/2023 TAX YEAR
It is important that employers note the following:

Changes to the Malawi tax tables and tax year

Following the Budget Speech delivered on 18 February 2022 by the Minister of Finance and Economic Affairs, the Taxation (Amendment) Act, 2022 was published on 31 March 2022. The amended Act serves as confirmation of the tax changes proposed during the Budget Speech.

The PAYE rates, effective 1 April 2022, have been revised as follows:

In addition, it is of utmost importance to note that the Malawi Government has changed its tax year from one commencing on 1 July and ending on 30 June, to one that will commence on 1 April and end on 31 March.

The Government has distributed a memo to the heads of all ministries. The change was also confirmed in the 2022/2023 Budget Speech.

According to the memo, the 2021/2022 fiscal year will be shortened to nine months, commencing on 1 July 2021 and ending on 31 March 2022.  The 2022/2023 tax year and all subsequent tax years will commence on 1 April and end on 31 March of the following year.

To view the Taxation (Amendment) Act, 2022, follow the link.

 

 

Contact our legislation team at info@crs.co.za if you require any additional information. 

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