ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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Lower rate of tax on rental income
In terms of Article 31D of the Income Tax Act, any persons in receipt of rental income from a residential tenement (being a tenement that is used as a residence or a garage by an individual or individuals) during…
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New Aviation Leasing Guidelines issued by the VAT Department
The Malta VAT Department has issued new guidelines with respect to the VAT treatment of aircraft leasing. The new guidelines replace the previous guidelines which were issued in October 2012. Whilst the existing…
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2018 General Assembly of EuropeFides to be held in Malta
ACT is pleased to announce that the Management Committee of EuropeFides have accepted our invitation to organize its Annual General Assembly of 2018 in Malta. Dates have yet to be announced but the meeting will be held…
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Two New Tax Guidelines – Immovable Property Settled on Trust
The Maltese Inland Revenue Department has recently published two Guidelines to clarify any restrictive interpretation which might have been given with respect to immovable property which would have been acquired by a…
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The European Commission releases proposed anti-tax avoidance package
On 28 January 2016, the European Commission released an anti-tax avoidance package that contains proposed measures to prevent aggressive tax planning, boost tax transparency and create a level playing field for all…
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Intax Expo Global Summit 2016
ACT is proud to announce its participation as a sponsor in the upcoming Intax Expo Global Summit 2016, to be held on the 14th and 15th of March 2016 in Dubai. Mr Stephen Balzan, the firm’s tax partner and Ms Liana…
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The new Individual Savings Account Rules 2014
Recently a new exemption from income tax has been added to list of exemptions. The new exemption was introduced by means of Act XXXVII of 2014 which amended the Income Tax Act Cap. 123, whereby a new section was…
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Cross border tax rulings
On 6 October 2015, the EU Council reached a political agreement on a directive aimed at improving transparency in the assurances given by member states to companies about how their taxes are calculated. The directive is…
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Malta and Curacao sign double tax agreement
The Maltese Ministry of Finance announced that Malta and Curaçao signed a Double Taxation Agreement (DTA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The…
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The Tax Challenges of the Digital Economy
In the coming months, the tax department of ACT will be writing weekly articles on the tax challenges of the digital economy. These weekly short articles (not more than 400 words) will be written in such a way so as to…
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Business START
Malta Enterprise Corporation (ME) has recently launched a new scheme: Business START. This scheme is aimed at assisting micro start-up undertakings that carry on an eligible activity in terms of the Incentive Guidelines…
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New treaty in force with Mauritius
By virtue of Legal Notice 362 of 2015, it has been established that the Agreement between the Government of Malta and the Government of the Republic of Mauritius for the Avoidance of Double Taxation and the Prevention…
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Savings Directive repealed
The directive (2003/48/EC), which since 2005 has allowed tax administrations better access to information on private savers, was repealed on 10 November 2015 by the EU Council. Repeal of the directive follows a…
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Guidance Notes issued by the IRD on the First Time Buyers Scheme
Following the Budget Speech for the year 2016, in connection with the extension of the scheme for the relief from duty for First Time Buyers (FTB) from the 30th June 2015 to the 31st December 2016, The IRD have issued…
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Stephen Balzan – Tax Partner ACT speaks at a tax conference
Stephen Balzan, Tax Partner ACT was invited as a guest speaker to speak at a day conference, organised by Society Education. Stephen delivered a presentation on the recent tax updates in Malta’s income tax legislation…
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Lower rate of interest for late payment of income tax
By virtue of Legal Notice 295 of 2015, the rate of interest for late payment of income tax has been reduced from 0.75% per month to 0.54% per month or part thereof with effect from the 1st day of January 2016. The…
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Maternity Leave Payments
By means of Legal Notice 258 of 2015, a Maternity Leave Fund has been launched as from 6th July 2015. Prior to the introduction of the new rules, employers that employ women had to pay the wages of their pregnant…
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Clarification by IRD – Reduced tax rate on rental income
The Commissioner for Revenue has published on its website a clarification on the application of the 15% final reduced tax rate on rental income derived from the letting of residential tenements during 2014 and…
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Commencement date for the treaty between Malta and Moldova
By means of LN 228 of 2015, the Government of Malta has notified that the Agreement between Malta and the Republic of Moldova for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to…
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Amendments to the Tax Accounting Rules
By virtue of L.N. 183 of 2015, the Maltese tax authorities have made some amendments to the Tax Accounting Rules, which will be applicable as from year of assessment 2015. The following is a summary of these amendments:…