Taxation (Amendment) Act No 17 of 2023

Abstract

The Taxation (Amendment) Act No 17 of 2023 introduces comprehensive changes to Malawi’s tax laws, including adjustments to withholding tax rates on various payments such as farm produce, quarry materials, construction services, and explosives. It also refines income tax rates for companies and individuals, establishes advance income tax on exports, and updates schedules to specify new taxable transactions like ethanol and explosives purchases. Additionally, the Act clarifies tax exemptions, deduction rules, and the definition of key terms like "place of effective management," aiming to enhance tax compliance, broaden the tax base, and improve fiscal policy effectiveness.