Regulatory Alerts2024-01-01
Pension (Levy) Order 2024
Issued by the Minister of Finance and Economic Affairs under the Pension Act 2023, this Order mandates all licensed pension entities in Malawi to pay an annual levy calculated from audited financial statements or call reports. The charge applies fixed net asset percentages to pension and provident funds, while administrators, services companies, brokers, advisors, and withdrawal providers pay profit-based minimums ranging from five hundred thousand to ten million Kwacha. Standard payment deadlines apply unless entities qualify for eighteen-month or liquidation exemptions, with non-compliance triggering monetary penalties up to fifty million Kwacha payable within ten working days.
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