Topic
Corporate & income tax
Income tax rules, returns and deadlines, deductions, guidelines and rulings.
352 news items and articles, newest first
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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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How spouses can apply for and file a separate tax return?
Introduction The Commissioner for Revenue (CfR) has recently published a manual of how spouses may apply for a separate tax return in terms of Article 49A of the Income Tax Act (‘ITA’). The manual may be accessed from…
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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…
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Deduction for children attending sports 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 14E has been amended so that the tax deduction…
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Exemption from tax on pension income
By means of Legal Notice 48 of 2023, the Government has announced that pension income derived by an individual on or after 1st January 2022 shall be exempt from tax as follows: Year of assessment Exempt amount 2023 20%…
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Royalties derived from literary work
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 31F has been amended so that the reduced tax rate…
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Tax deadlines for the month of July 2023
The following are the tax deadlines for this month. 31 July 2023 – Online submission of income tax returns in respect of year of assessment 2023 by companies whose accounting year end is between the 31 January 2022 and…
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Tax deadlines for the month of June 2023
The following are the tax deadlines for this month. 30 June 2023 – Submission by employers of Form FS5 for the month of May 2023 together with the relative payment of FSS, national insurance and maternity fund…
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Tax treatment of mergers and divisions of companies
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 27A has been amended so that the transfers that…
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Amendments to the Tax Rebate (Pensioners) Rules
By means of Legal Notice 49 of 2023, the Commissioner for Revenue has amended the above-mentioned rules to increase the maximum rebate allowed against pension income earned on or after the 1st January 2023. With respect…
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Deduction for the cost of goods acquired for resale
The Commissioner for Revenue has issued a clarification note to explain that traders who donate goods that are close to their expiry date for charitable purposes (rather than destroy them) will not loose the right to…
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Alignment of VAT Return and Recapitulative Statement periods
The Office of the Commissioner for Revenue has embarked on an exercise to align VAT periods with the Recapitulative Statement reporting periods, with VAT periods being changed to calendar quarters. Qualifying VAT…
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Deadline for tax payment by fiscal units
The Commissioner for Revenue has notified that the tax payment deadline of eighteen months following the end of the accounting period, applicable to companies in possession of a determination under the relevant…
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Electronic filing of corporate income tax returns
The Commissioner for Revenue has issued a notice which notifies that the deadlines for the electronic filing of income tax returns for companies have been extended as follows: Financial Year EndingManual Return…
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Tax deadlines for the month of April 2023
The following are the tax deadlines for this month. 30 April 2023 – Submission by employers of Form FS5 for the month of March 2023 together with the relative payment of FSS, national insurance and maternity fund…
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Tax deadlines for the month of May 2023
The following are the tax deadlines for this month. 31 May 2023 – Submission by employers of Form FS5 for the month of April 2023 together with the relative payment of FSS, national insurance and maternity fund…
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Clarification issued by the CfR in relation to employment outside Malta
By virtue of Article 56 (17) of the Income Tax Act, employment income derived in terms of an employment agreement which stipulates that : the performance of duties is to be carried out outside Malta and the duration of…
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Tax deadlines for the month of March 2023
The following are the tax deadlines for this month. 31 March 2023 – Submission by employers of Form FS5 for the month of February 2023 together with the relative payment of FSS, national insurance and maternity fund…
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Amendments to the Exemption from Tax on Property Transfers (Set-off of Tax Arrears) Rules
The Government of Malta has by means of Legal Notice 9 of 2023 made a slight amendment to the above-mentioned rules which were originally published by means of Legal Notice 419 of 2021. The legal notice is applicable to…
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Deduction (income from Employment) Rules
The Government of Malta has by means of Legal Notice 4 of 2023 amended the Deduction (income from Employment) Rules. The revised rules shall be applicable as from year of assessment 2024. These rules apply to…
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Malta’s new insolvency framework
Malta has in December of 2022 introduced a new insolvency framework by publishing two new sets of legislation namely ‘The Insolvency Practitioners Act’ and ‘The Pre-Insolvency Act’ while amending the Commercial Code.…
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Tax deadlines for the month of February 2023
The following are the tax deadlines for this month. 15 February 2023 – Submission by employers of Forms FS 3 and 7 for the calendar year 2022 28 February 2023 – Submission by employers of Form FS5 for the month of…
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Tax deadlines for the month of January 2023
The following are the tax deadlines for this month. 31 January 2023 – Submission by employers of Form FS5 for the month of December 2022 together with the relative payment of FSS, national insurance and maternity fund…
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CFR CLARIFICATION ON ‘RECOGNISED STOCK EXCHANGES’
The Office of the CfR has in November 2022 issued a guidance note which clarifies which stock exchanges are to be recognised by the CfR for the purposes of the Income Tax Acts and the Duty on Documents and Transfers…
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Tax deadlines for the month of December 2022
The following are the tax deadlines for this month. 21 December 2022 – Payment of provisional tax due by companies and self-employed persons in respect of year of assessment 2023 31 December 2022 – Payment of Class II…
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Tax deadlines for the month of November 2022
The following are the tax deadlines for this month. 15 November 2022 – Submission of VAT returns together with the relative payment in respect of the quarter ending September 2022 30 November 2022 – Online submission of…
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High Risk Jurisdictions – Updated List
The Financial Action Task Force (FATF), also known as the Global Anti-Money Laundering watchdog, updates its list of high-risk and other monitored jurisdictions which are considered to have weak AML-CFT regimes. This is…
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Tax deadlines for the month of October 2022
The following are the tax deadlines for this month. 15 October 2022 – Submission of VAT returns together with the relative payment in respect of the quarter ending August 2022 31 October 2022 – Online submission of…
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Tax deadlines for the month of September 2022
The following are the tax deadlines for this month. 15 September 2022 – Submission of VAT returns together with the relative payment in respect of the quarter ending July 2022 30 September 2022 – Online submission of…