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Parliament Passes MK100, 000 Tax-free Band

Parliament Passes MK100, 000 Tax-free Band

Parliament has on Monday afternoon passed the Taxation Amendment Bill which seeks to set 100 000 Kwacha as the tax-free band from the current K45, 000.

The amended bill also among others seeks to introduce a 20 percent tax on winning bets and lotteries.

The bill comes barely three months since Tonse Alliance government assumed power under President Lazarus Chakwera.

While commending the amended bills, Democratic Progressive Party Spokesperson on Finance in Parliament, Joseph Mwanamvekha said some of the measures are punitive to Malawians.

But Finance Minister Felix Mlusu said they will consider some of the concerns raised.

Apart from amending the tax-free band, parliament has also passed the taxation amendment bill which seeks to introduce a 16.5 percent tax on cooking oil.

All bills passed await President Chakwera's assent to become into law.

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Last modified on Monday, 19/10/2020

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