News FlashesApril 20, 2023

CRS News Flash 18 April 2023 – LESOTHO & MALAWI – Tax Changes for the 2023/2024 Tax Year

APRIL 2023 – LESOTHO & MALAWI
TAX CHANGES FOR THE 2023/2024 TAX YEAR
It is important that employers note the following:

Lesotho – changes to the tax tables

Following the 2023/2024 Budget Speech delivered on 27 February 2023, the Income Tax (Monetary Amounts) (Amendment) Regulations, 2023 was published on 24 March 2023. The regulation serves as confirmation of the tax changes proposed during the Budget Speech.

In terms of Legal Notice No. 32 of 2023, the Income Tax (Monetary Amounts) (Amendment) Regulations, the lower tax bracket has been increased from M67,440.00 to M69,120.00 per annum.

In addition, the non-refundable tax credit has been increased from M10,560 per annum to M10,824 per annum.

With effect from 1 April 2023, the applicable rates for PAYE are as follows:

download the legal notice, follow the link.

Malawi – changes to the tax tables
Following the Budget Speech delivered on 2 March 2023 by the Minister of Finance and Economic Affairs, the Taxation (Amendment) Act, 2023 was published on 11 April 2023. The amended Act serves as confirmation of the tax changes proposed during the Budget Speech.

The PAYE rates, effective 1 April 2023, have been amended as follows:

To view the Taxation (Amendment) Act, 2023, follow the link and scroll down to page 5.

 

 

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