ACT News
Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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Office closure
Please note that our offices will be closed for our well-deserved Christmas break during the period from Tuesday 24th December 2024 to Friday 3rd January 2025 (both days inclusive). For any urgent matters, please send…
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Duty on donations of marketable securities and immovable property used for business
By means of Legal Notice 325 of 2024, the Government has amended the Duty on Donations of Marketable Securities and Immovable Property used for Business (Exemption) Order, by virtue of which a reduced rate of duty is…
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Duty on the acquisition of the second immovable property to be used as sole residence
By means of Legal Notice 325 of 2024, the Government has amended the Duty on Documents on Acquisition of the Second Immovable Property to be used as Sole Residence (Exemption) Order, by virtue of which the duty paid on…
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Exemption from duty on acquisitions of immovable property by first time buyers
By means of Legal Notice 325 of 2024, the Government has amended the Exemption of Duty in terms of Article 23 Order, by virtue of which no duty will be paid by the transferee on the first €200,000 of the aggregate value…
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Tax deadlines for the month of December 2024
The following are the tax deadlines for this month. 21st December 2024 – Payment of provisional tax due by companies and self-employed persons in respect of year of assessment 2025 31st December 2024 – Payment of Class…
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Tax deadlines for the month of November 2024
The following are the tax deadlines for this month. 15th November 2024 – Submission of VAT returns together with the relative payment in respect of the quarter ending September 2024 29th November 2024 – Online…
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DAC 9 proposal
On 28 October 2024, the EU Commission adopted a proposal to amend the Directive on administrative cooperation in the field of taxation (Directive 2011/16/EU). The DAC9 proposal is linked to the filing obligations…
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Malta Budget 2025 – Cost of living allowance
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. The cost of living allowance (COLA) for the year 2025 has been set at €5.24 per week (€12.81 in 2024),…
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Malta Budget 2025 – Duty on documents and transfers
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. The following is a summary of the proposed changes with respect to duty on immovable property. Duty…
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Malta Budget 2025 – Financial services and gaming
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. The Government will be enacting legislation to continue to increase Malta’s attractiveness in the…
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Malta Budget 2025 – Occupational pension plans
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. Employers will be obliged to offer their employees the opportunity to join an occupational pension plan.…
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Malta Budget 2025 – Reduced rate of duty on intra- family donations
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. Transfers ‘inter vivos’ of company shares and commercial premises in intra-family donations will…
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Malta Budget 2025 – Tax credits on donations
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. A new tax credit will be introduced on donations made by enterprises to NGOs operating in the social,…
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Malta Budget 2025 – Tax credits to parents of disabled children
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. The tax credit which is available to parents of disabled children who require specialised therapy is to…
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Malta Budget 2025 – Tax deduction for school fees
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. The maximum deduction allowed to parents for school fees paid in respect of their children attending a…
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Malta Budget 2025 – Tax exemption on pensions
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. The gradual income tax exemption which was introduced in 2022, on pensions received by individuals who…
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Malta Budget 2025 – Widening of the tax bands
The Minister of Finance and Employment has on the 28th October 2024 presented the Budget Speech for the year 2025. The Minister announced the widening of all personal tax bads with effect from 1st January 2025. With…
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New Guidance Note on IFRS 17
The Malta Tax & Customs Administration has published a new Guidance Note in relation to the Taxation of Insurance Businesses, following the adoption of IFRS 17 Insurance Contracts Rules. If you need any help or…
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Tax deadlines for the month of October 2024
The following are the tax deadlines for this month. 15th October 2024 – Submission of VAT returns together with the relative payment in respect of the quarter ending August 2024 31st October 2024 – Online submission of…
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Deductions of capital expenditure on intellectual property and intellectual property rights
By means of Legal Notice 229 of 2024, the Maltese tax authorities have amended the Income Tax Deductions Rules. In terms of Article 14(1)(m) of the Income Tax Act, any expenditure of a capital nature on intellectual…