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All personal taxpayers in receipt of any income (falling outside the Final Settlement System FSS) during the calendar year 2023 will need to submit their tax returns and pay the underlying tax due by not later than 30 June 2024. The same deadline also applies to those who opted out of the 15% tax […] 
The budget measures for 2024 were presented by Hon. Clyde Caruana, Minister of Finance and Employment on Monday 30th October 2023. The below is a review of the main budget business highlights announced for your quick reference: (Summarized for a 3 minute read)
A Cola increase of €12.81 weekly (previous year €9.90). As […] 
The Commissioner for Revenue (CfR) issued guidelines on the implementation of the increase in the administrative penalties imposed upon the late filing of recapitulative statements required to be made in terms of Article 30(3) of the VAT Act and on such form and at such intervals as laid down under Subsidiary Legislation 406.14, The […] 
ActAct LX of 2021 introduces the requirement for companies to indicate their electronic mail address in the memorandum, in terms of article 69(1)(d) of the Companies Act. The primary aim is to increase efficiency and reducing reliance on paper format communication to companies. An email notification is more effective and can reach company officers […] 
It has come to our attention that the MBR is taking an increased interest in ensuring that locally registered companies have various records required by the Companies Act (CA) to be in place and up to date. Some of the documents being requested include (but are not limited to): – Minutes of all shareholders’ […] 
If you had income from private residential leases which were registered with the Housing Authority as a long lease, we can help you claim a tax rebate on the attractive 15% tax on such income. When a long lease does not last a year, the rebate is reduced proportionately to the duration of the […] 
The government has announced a reformed wage subsidy that will with effect from January 2021 be based on losses incurred. The following are the key factors of how the reformed wage subsidy will work based on what we know thus far: Malta Enterprise shall provide a wage subsidy based on the the losses incurred; […] 
To further the econcomic package announced by the Government on 8th June 2020, the Minister of finance has launched The Electricity Bill Refund Scheme and the Rent Refund Scheme. Below is a summary of each scheme: i) Electricity Refund Scheme Eligible entities for this scheme are those that have benefited from the Covid Wage […]
On 8th June 2020, the Maltese Government announced the fourth wage of fiscal measures aimed at stimulating the economy after the massive slowdown caused by the Covid 19 pandemic. These are categorized in 3 sections namely i) Overhead reduction, ii) kick-starting demand for local goods and services and iii) incentivising investment. Below is a […] 
OECD has issued recommendations on implications of the COVID-19 crisis on cross-border workers and other related cross-border matters. The Office of the Commissioner for Revenue has notified that it will be adopting the guidance issued by the OECD Secretariat on the 3rd of April 2020 on tax treaty issues and the impact of the […] |
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