ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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Gozo Teleworking Scheme
A teleworking scheme for individuals residing in Gozo and who work for the private sector from home has been launched on the 25th of May 2020. The purpose of the new financial aid measure is to encourage Malta based…
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COVID 19 – Fiscal Assistance Measures – deadline for the payment of deferred taxes
The Office of the Commissioner for Revenue (CfR) has updated the notice on the Tax Deferral Scheme to include the deferred tax payment deadline. Eligible taxes which fell due in March and April and those which will fall…
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COVID 19 – Fiscal Assistance Measures – deferred taxes payment deadline
The Office of the Commissioner for Revenue (CfR) has updated the notice on the Tax Deferral Scheme to include the deferred tax payment deadline. Eligible taxes which fell due in March and April and those which will fall…
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COVID-19 Wage Supplement for May
Businesses who wish to apply for the COVID-19 wage supplement for the month of May, are being requested to do so by the end of this week. Although no particular deadline for submission is set on Malta Enterprise’s…
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Notice to self-employed persons – COVID wage supplement : SSC implications
The Commissioner for Revenue (CfR) has recently issued a notice to self-employed persons, who were in receipt of a COVID wage supplement, with respect to the calculation of their social security contributions (SSC) due.…
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Rent Subsidy 2020 Scheme launched
After the publication of the Rent Subsidy Regulations,Malta Enterprise has now launched a Rent Subsidy 2020 Scheme. The scheme assists limited liability companies, Co-operatives and self-employed individuals that…
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Rent Subsidy Regulations published
By means of Legal Notice 187 of 2020, the Government of Malta has published new Rent Subsidy Regulations, which came into effect on 1st February 2020. The Regulations provide for subsidy assistance to eligible…
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Teleworking Activities Scheme to be phased out
The Teleworking Activities Scheme will not be extended beyond the 8th May 2020. Malta Enterprise has announced that such measure, that has been aimed at facilitating teleworking activities due to COVID-19, will be…
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Tax Credit (Construction Waste Recycling)
The Government of Malta has by means of Legal Notice 179 of 2020 issued new rules granting a tax credit to authorised persons who are in possession of a permit issued by the Environment and Resources Authority for the…
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COVID-19 Tax Deferral Scheme Extended
The Commissioner for Revenue announced that the Tax Deferral Scheme has been extended to cover taxes which fall due up to and including 30th June 2020. The settlement date is still to be announced in the future. The Tax…
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2.5% Interest Rate Subsidy on Bank Loans to Businesses
The Maltese Government has on the 16th April 2020 announced that it will be subsidizing interest rates on the working capital loans for two years and up to a maximum 2.5%. The purpose of the interest subsidy on bank…
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Electronic filing of Corporate Income Tax Returns
The Office of the CfR has announced that the deadlines for the electronic filing of income tax returns by companies in respect of year of assessment 2020 have been extended. These extensions apply only to the electronic…
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Extension for PT payments due in April 2020
On the 27th April 2020, the Commissioner for Revenue (Cfr) has notified that the deadline for the payment of the Provisional Tax for April 2020 is being extended to 31st May 2020. Due to the outbreak of COVID-19, the…
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The EC approves Malta’s COVID wage supplement scheme
On 24th April, the European Commission (EC) has approved Malta’s COVID wage supplement scheme amounting to a total of Eur215 million. This scheme is intended to support enterprises operating in the sectors which have…
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Deferral of Excise Duty Payments – Legal Notice Published
The Government of Malta has issued Legal Notice 147 of 2020 which provides for a two-month deferral for the payment of excise duties falling due in April or May. The LN provides that excise duty on excise goods and…
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Submission and Payment of Forms TA22 and TA24 YA2020 (Basis 2019)
The Commissioner for Revenue (CfR) has issued a notice with respect to the payment of tax at the rate of 15% on income derived from part time self employment and from rental income. The CfR has notified taxpayers that:…
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Tax Treaties – the impact of COVID-19
The Organisation for Economic Cooperation and Development (OECD) has recently issued a report addressing the tax implications that COVID-19 will have on cross border employment. Governments across the world (including…
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Waiver of customs duties and VAT on the importation of medical items into the EU
On 3 April 2020, the EU Commission decided to approve requests from all Member States and the UK to temporarily waive customs duties and VAT on the importation from outside the EU of masks, testing kits, ventilators,…
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COVID – 19 – Suspension of Legal Times under the Revenue Acts
The Government has by means of LN 135 of 2020 issued the Suspension of Legal Times (Revenue Acts) Order, by virtue of which any legal time referred to below has been suspended with effect from the date on which this…
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Launch of the COVID-19 Guarantee Scheme (CGS) by the Malta Development Bank (MDB)
On the 3rd of April 2020 a scheme providing guarantees to commercial banks has been launched by the MDB to enhance access to bank financing to businesses facing liquidity issues due to the Covid-19 outbreak. The CGS has…