Taxation (Amendment) Act, 2024

Abstract

The Taxation (Amendment) Act 2024 introduces various modifications to the existing taxation framework in Malawi, including updates to income tax rates, broadened exemptions, and revised schedules for tax computation. Notably, it establishes that expenditures without electronic tax invoices are exempted from VAT unless specifically exempted, adjusts tax rates on various income sources, and enhances provisions related to licenses and permits for explosives, minerals, and industrial rebates. Additionally, the Act refines rules on capital allowances, presumptive taxes for commercial vehicles, and social contributions, aiming to improve tax compliance, administration, and revenue collection.