APRIL 2024 – LESOTHO
TAX CHANGES FOR THE 2024/2025 TAX YEAR
It is important that employers note the following:
Changes to the tax tables
Following the 2024/2025 Budget Speech delivered on 21 February 2024, the Income Tax (Amendment of Monetary Amounts) Regulations, 2024 was published on 17 April 2024. The regulation serves as confirmation of the tax changes proposed during the Budget Speech.
In terms of Legal Notice No. 25 of 2024, the Income Tax (Amendment of Monetary Amounts) Regulations 2024, the lower tax bracket has been increased from M69,120.00 per annum to M70,500.00 per annum.
In addition, the non-refundable tax credit has been increased from M10,824.00 per annum to M11,040.00 per annum.
With effect from 1 April 2024, the applicable rates for PAYE are as follows:
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