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Malawi Releases 2018 Budget

by Lorys Charalambous, Tax-News.com, Cyprus

30 August 2017


Malawi's recent budget included numerous tax changes and announced updates to the country's transfer pricing rules.

On the indirect tax front, the Budget, released in mid-August, introduced a 10 percent excise tax on television subscriptions and introduced a value added-tax exemption for dairy products, animal or vegetable fats and oils, other edible fats, and animal and vegetable waxes.

The individual income tax exempt threshold was increased to MWK360,000 (USD495) per year, up from MWK240,000, and a new top tax rate of 35 percent was introduced on income of more than MWK3m per month.

Other changes included updates to the country's transfer pricing provisions, said to bring these into line with the OECD's evolving guidance on the issue, and the removal of restrictions to the definition of interest income. It also introduced broad changes to penalties and interest charges on non-compliant taxpayers for all taxes.

TAGS: compliance | tax | value added tax (VAT) | interest | law | budget | Malawi | transfer pricing | penalties | individual income tax | Other

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