Parliament passes Tax Amendment Bill which facilitates K100 000 free tax band

Malawi Parliament on Monday passed the Taxation amendment Bill which among others seeks to introduce a 20 percent tax on winning bets and lotteries and also fulfill Tonse Alliance promise of K100 000 tax free band.

The bill went through the committee stage without any amendment.

Minister of Finance Felix Mlusu has, however, underlined that the Taxation Amended Act will come into effect once President Lazarus Chakwera assents to the bill.

He said while the plan is to have the Act effective at the end October, it will depend on how soon the President will assent to the Act.