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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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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