malawi revenue authority new income tax rates · 2018-10-10 · new income tax rates note:...

1. RATES OF INCOME TAX ON TAXABLE INCOME OTHER THAN REMUNERATION

ANNUAL TAXABLE INCOME RATE

First K420,000 0%Next K60,000 15%Excess of K480,000 30%Monthly taxable income RateFirst K35,000 0%Next K5,000 15%Excess of K40,000 30%Fortnightly taxable income RateFirst K17,500 0%Next K2,500 15%Excess of K20,000 30%Weekly taxable income RateFirst K8,750 0%Next K1,250 15%Excess of K10,000 30%

2. RATES OF INCOME TAX ON REMUNERATION

ANNUAL TAXABLE INCOME RATE

First K420,000 0%Next K60,000 15%Next K35,520,000 30%Excess of K36,000,000 35%Monthly taxable income RateFirst K35,000 0%Next K5,000 15%Next 2,960,000 30%Excess of K3,000,000 35%Fortnightly taxable income RateFirst K17,500 0%Next K2,500 15%Next K1,480,000 30%Excess K1,500,000 35%Weekly taxable income RateFirst K8,750 0%Next K1,250 15%Next K740,000 30%Excess of K750,000 35%

Malawi Revenue Authority

New Income Tax Rates

Note: “Remuneration” means any amount of taxable income which is paid or payable to an employee as salary, leave pay, an allowance, wages, overtime pay, a bonus, a gratuity, a commission, a fee, an emolument, pension, superannuation, a retiring allowance or a stipend, whether in cash or otherwise.

BY MANAGEMENT

EFFECTIVE 1ST JULY, 2018