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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AMENDMENTS TO THE REVENUE ACTS
Act VIII of 2021 was published on 12 March 2021 which introduces a series of amendments to a number of fiscal laws such as the Income Tax Act, the Income Tax Management Act, the Duty on Documents and Transfer Act and…
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Capital Allowances for Car Parks
The Commissioner for Revenue has published a new Guidance Note regarding Capital allowances in respect of Car Parks. The definition of “industrial building or structure” in article 2 of the Income Tax Act includes a car…
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Compliance monitoring by the CfR
The Office of the CfR has announced that, as part of its compliance monitoring, entities in scope of the Cooperation with Other Jurisdictions on Tax Matters Regulations (SL 123.127) that will be receiving a formal…
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Increase in tax exemption threshold for voluntary organisations
Pursuant to LN 39 of 2021, the Enrolled Voluntary Organisations (Tax Exemption) Rules (SL 123.190) have been revised. In terms of the changes, which apply as of year of assessment 2022, the tax exemption in terms of…
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Tax rebate on private residential leases
The Office of the CfR has announced that persons who derive income from a private residential lease which is registered with the Housing Authority as a long lease, are eligible for a tax rebate against the tax…
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DAC 6 Reporting deadlines
The Commissioner for Revenue has notified that with respect to cross-border arrangements where the trigger point for reporting took place between 1 July 2020 and 31 December 2020 the deadline for reporting must take…
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Fiscal Unit YA 2020 Tax Return deadline extended
The Commissioner for Revenue has notified that for Year of Assessment 2020, the deadline for the filing of the income tax return by a principal taxpayer in respect of a fiscal unit is being further extended to 30 June…
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Joint notice by the MBR and the CfR with respect to share transfers
The Commissioner for Revenue and the Registrar of Companies would like to notify that, in respect of share transfers and changes in issued share capital/voting rights of companies and other commercial partnerships where…
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Amendment to the Deduction (Income from Employment) Rules
By means of LN 462 of 2020, The Government of Malta has revised the Deduction (Income from Employment) Rules (S.L. 123.149), increasing the annual income requirement threshold from €9,840 to €9,930. The revised…
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Protocol amending the double taxation treaty between Malta and Russia
By means of LN 464 of 2020, the Government of Malta has notified that the Protocol amending the Convention with the Russian Federation for the avoidance of double taxation and the prevention of fiscal evasion with…
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Tax rebate to pensioners
By means of LN 460 of 2020, the Government of Malta has amended The Tax Rebate (Pensioners) Rules. These rules are applicable to individuals who are in receipt of income from any pension chargeable to tax under Article…
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Tax returns for fiscal units
The Commissioner for Revenue has notified that the income tax return and the supplemental document for Year of Assessment 2020 required to be filed by a principal taxpayer in respect of a fiscal unit are now available…
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Wage increase for the year 2021
By means of LN 468 of 2020, the Government of Malta has notified that with effect from 1st January 2021, the wages of whole time employees shall be increased by Eur1.75 per week.
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EU Tax Transparency rules to be extended to digital platforms
EU Member States have agreed to extend EU tax transparency rules to digital platforms. Following the proposal made by the Commission in July as part of the Action Plan for Fair and Simple Taxation, the agreed proposal…
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Tax Credits for Micro- Enterprise and Self-Employed
The introduction of Legal Notice 444 of 2020, has brought along amendments to the Tax Credits for Micro Enterprises and the Self-Employed Regulations (Subsidiary Legislation 463.09). Such amendments will apply…
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Commissioner for Revenue Publishes new Guidelines on Dispute Resolution Mechanisms Regulations
The Commissioner for Revenue has on the 9th November 2020 issued a new guidance note to provide a general overview of the European Union Dispute Resolution Mechanisms Directive Implementation Regulations (S.L. 123.191).…
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Extension of deadline for the submission of income tax returns and tax payments by fiscal units
The Office of the CfR has issued a notice stating that the deadline for the filing of the YA 2020 income tax return by a principal taxpayer in respect of a fiscal unit for the purposes of the Consolidated Group (Income…
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Commissioner for Revenue publishes new guidelines on the ATAD Implementation Regulations
On 31 August 2020, the Commissioner for Revenue published a set of guidelines in relation to the Anti-Tax Avoidance Implementation Regulations. The guidelines on the ATAD Implementation Regulations were issued in line…
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Electricity Bill Refund
On the 27th August 2020, Malta Enterprise has launched the Electricity Bill Refund Scheme whereby businesses eligible for the Wage Supplement Scheme can now benefit from an assistance of 50% of the electrical power…
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Fiscal Unit Tax Payment and Registration Deadlines
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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Deadline for applying for Fiscal Unity extended to 30 September 2020
The Commissioner for Revenue has notified that the deadline for applying for fiscal unity in respect of Year of Assessment 2020 is being extended from 31 August 2020 [as communicated in the Guidelines in relation to the…
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FSS Forms – Updated
The Office of the CfR has announced that the FSS forms have been updated to reflect changes brought about by the Tax on Overtime Rules and the Covid19 Wage Supplement. The revised forms can be downloaded from here.…
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Private Residential Leases (Tax Rebate) Rules, 2020
Introduced by means of Legal Notice 258 of 2020, such rules apply to income derived on or after 1st January 2020 from a private residential lease. Such lease must be of a duration of at least 2 years and is registered…
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COVID 19 measures – Exemption from Tax on Certain Property Transfers Rules 2020
After the Maltese Government has announced a recovery package with the aim of restoring the economy following the effect of the COVID-19 pandemic, new rules have now been published to give effect to the various…
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Tax on Overtime Rules
Earlier on this year Article 90B was introduced in the Income Tax Act (ITA), which provided that with effect from 1st January 2010, an individual can opt to have his qualifying overtime income be subject to tax at the a…
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Economic Recovery Package
During a press conference held yesterday, the Prime Minister Dr. Robert Abela, together with Finance Minister Prof. Edward Scicluna and the Minister for the Economy, Investment and Small Businesses Mr. Silvio Schembri…
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Updates to the Guidelines on the Consolidated Group (Income Tax) Rules
On the 3rd of June 2020, the Commissioner for Revenue (CfR) issued updated guidelines to the Consolidated Group (Income Tax) Rules. The original guidelines had been issued earlier on this year. The first update concerns…
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Amendments to the Tax Credit (Construction Waste Recycling) 2020-2023 Rules
Earlier on this year, the Government of Malta had by means of Legal Notice 179 of 2020 issued new rules granting a tax credit to authorized persons who are in possession of a permit issued by the Environment and…
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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…