Page 31 - Profmark Africa Overview 2024

Malawi (GMT +2)

General:
▪ Capital City: Lilongwe
▪ Official Language: English and Chichewa
▪ Currency: Malawian Kwacha (MWK)
▪ Main Exports: Tobacco, uranium, sugar, tea, coffee, wood products
▪ Surface Area: 118.5 sq. km (thousands)
▪ Population: 21,655 million (2024,est)
Key Economic Indicators:
▪ GDP: $14.08 billion (2023) / GDP Growth Rate: 1.5% (2023)
▪ CPI Inflation Rate (annual): 28.8% (2023)
▪ Sovereign Credit Rating: Fitch: B-
▪ Indicator of Economic Freedom Score: 52.1/100
Exchange Controls:
▪ Exist
Basis of Taxation: (Tax Year End: 30 June)
▪ Residents: Malawi-source or deemed Malawi-source income
▪ Non-residents: Malawi-source income
Tax Rates:
▪ Individuals: residents: Progressive rates to 35% [the first MWK 1,800,000 of
taxable income - 0%]
▪ Companies: 30%
▪ Inheritance and Donations Taxes: Varying rates apply
▪ VAT: 16.5%
▪ Withholding Tax: Varying rates apply to residents and non-residents
▪ Capital Gains Tax (CGT): Generally taxed as ordinary income
▪ Double Taxation Agreements: In place with several countries
Useful links:
▪ Malawi Revenue Authority http://www.mra.mw
▪ Reserve Bank of Malawi https://www.rbm.mw
▪ Malawi Investment and Trade Centre http://www.mitc.mw
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