Page 33 - Nexia SAB&T Africa Overview 2025

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: 23,4 million (2025,est)
Key Economic Indicators:
▪ GDP: $11,2 billion (2023) / GDP Growth Rate: 3.3% (2024)
▪ CPI Inflation Rate (annual): 24.2% (2025)
▪ Sovereign Credit Ratings: Moody’s: Not rated, S&P: Not rated, Fitch: Rating watch
▪ Indicator of Economic Freedom Score: 50.9/100 (2025): Mostly Unfree
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%
▪ 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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