The following are the changes in the tax legislation as announced by the Minister of Finance and Development Planning in his annual Budget Speech on 20 February 2014 effective from 1st April 2014. The relevant changes have been published in Government. Gazette No 33 dated 13 June 2014. The documentation, which we have received, contained limited tax rules and amendments.
While the income band remained unchanged at M 51 670 per annum, the minimum percentage has been reduced to 20% and the highest to 30%.