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Latest news
Read all about ACT and relevant news from advisory, corporate, tax and other related services.
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Donations to certain voluntary organisations
The Minister of Finance has in his Budget Speech for the year 2024 announced that businesses donating amounts to voluntary organisations registered with the Commissioner for Voluntary Organisations with respect to…
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EXemption for pensioners
The Minister of Finance has in his Budget Speech for the year 2024 announced that the amount of pension income which will for the year 2024 be excluded from the taxable income will amount to 60%. Since the year 2022,…
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Extension of the Get Qualified and Higher Education schemes
The Minister of Finance has in his Budget Speech for the year 2024 announced that tax credits will continue to be provided to students studying for a Masters Degree or Doctorate and benefiting from the Get Qualified and…
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Extension of the reduced rate of tax on income derived from sports activities
The Minister of Finance has in his Budget Speech for the year 2024 announced that the 7.5% rate of tax on income derived by players, licensed coaches and athletes will be extended to other persons engaged in sports…
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Family businesses
The Minister of Finance has in his Budget Speech for the year 2024 announced that: The reduced rate of stamp duty of 1.5% applicable to certain transfers of family businesses to descendants has been extended. Family…
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Fiscal incentives for highly qualified persons
The Minister of Finance has in his Budget Speech for the year 2024 announced that the current fiscal incentives applicable to certain highly qualified persons will be revised and harmonised to cater for the skills…
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Incentives on property restoration
The Minister of Finance has in his Budget Speech for the year 2024 announced that: Incentives for persons buying or selling property which is more than 20 years old and has been vacant for more than 7 years or where the…
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Increase in the tax credit for children with disabilities undergoing therapy
The Minister of Finance has in his Budget Speech for the year 2024 announced that as from next year, the Government will increase to €500 (up from €200) per year, the tax credit to parents of children with disabilities…
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Pillar 2
The Minister of Finance has in his Budget Speech for the year 2024 announced that Malta will apply the derogation provided for in the EU Minimum Tax Directive and therefore will delay the introduction of the 15% minimum…
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Taxation in relation to immovable property
The Minister of Finance has in his Budget Speech for the year 2024 announced that: The scheme applicable for first time buyers and second time buyers will be extended for another year. No income tax and stamp duty will…
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Tax deadlines for the month of November 2023
The following are the tax deadlines for this month. 15 November 2023 – Submission of VAT returns together with the relative payment in respect of the quarter ending September 2023 30 November 2023 – Online submission of…
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Tax deadlines for the month of October 2023
The following are the tax deadlines for this month. 15 October 2023 – Submission of VAT returns together with the relative payment in respect of the quarter ending August 2023 31 October 2023 – Online submission of…
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Reduced rate of tax for income from artistic activities
The Commissioner for Tax and Customs has announced the publication of guidance on the 7.5% rate of tax applicable to income from certain artistic activities pursuant to article 56(26A) of the Income Tax Act (CAP 123).…
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Tax deadlines for the month of September 2023
The following are the tax deadlines for this month. 15 September 2023 – Submission of VAT returns together with the relative payment in respect of the quarter ending July 2023 30 September 2023 – Online submission of…
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Extension of VAT Return Deadline for August 2023
The Malta Tax and Customs Administration notifies that the deadline for the filing of VAT returns that are due by 15th August 2023 has been extended to 31st August 2023. The due date of the relative payment is being…
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Tax deadlines for the month of August 2023
The following are the tax deadlines for this month. 31 August 2023 – Online submission of income tax returns in respect of year of assessment 2023 by companies whose accounting year ended on 30 September 2022 31 August…
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Crowdfunding Service Providers Bill
The Crowdfunding Service Providers Bill reached its second reading stage in Parliament on the 28th June, 2023 and was on the 5th July 2023 discussed at the Adjunct Committee for the Consideration of Bills. This aim of…
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Assignment of rights acquired under a promise of sale agreement
The Government of Malta has published Legal Notice 99 of 2023, by virtue of which reference to the 31st December 2022 in Rule 12 of the Assignments of Rights Acquired under a Promise of Sale Agreement Rules (SL 123.198)…
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Tax credit in respect of therapy costs provided to children with disability
The Government of Malta has published Legal Notice 70 of 2023, by virtue of which any person who on or after 1st January 2023 incurs professional fees for the provision of approved therapy to his or her child shall be…
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Deduction for children attending cultural and artistic activities
By means of recent amendments to the Income Tax Act, implemented through the Budget Measures Implementation Act XII of 2023 published on the 4th April 2023, Article 14G has been amended so that the tax deduction…