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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 Rate First K35,000 0% Next K5,000 15% Excess of K40,000 30% Fortnightly taxable income Rate First K17,500 0% Next K2,500 15% Excess of K20,000 30% Weekly taxable income Rate First 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 Rate First K35,000 0% Next K5,000 15% Next 2,960,000 30% Excess of K3,000,000 35% Fortnightly taxable income Rate First K17,500 0% Next K2,500 15% Next K1,480,000 30% Excess K1,500,000 35% Weekly taxable income Rate First K8,750 0% Next K1,250 15% Next K740,000 30% Excess of K750,000 35% Malawi Revenue Authority New Income Tax Rates Note: “Remuneraon” means any amount of taxable income which is paid or payable to an employee as salary, leave pay, an allowance, wages, overme pay, a bonus, a gratuity, a commission, a fee, an emolument, pension, superannuaon, a rering allowance or a spend, whether in cash or otherwise. BY MANAGEMENT EFFECTIVE 1 ST JULY, 2018

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Page 1: Malawi Revenue Authority New Income Tax Rates · 2018-10-10 · New Income Tax Rates Note: “Remuneration” means any amount of taxable income which is paid or payable to an employee

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

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