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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Income tax return extensions for the year 2018
The Commissioner for Revenue has notified that the deadlines for the electronic filing of income tax returns for companies have been extended as follows: Tax Return Filing DateElectronic Filing Extended To31 March 20182…
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Assistance to disadvantaged persons to commence their own business
By means of LN 66 of 2018, the Government of Malta has issued new rules which are aimed at providing assistance to disadvantaged persons to start their own business. The manner in which such assistance will be provided…
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Tax deduction for transportation costs
By means of LN 67 of 2018, the Government of Malta has issued new rules which provide for a tax deduction to undertakings carrying out a trade or business that incur costs for the transportation of employees to and from…
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Amended guidelines regarding VAT treatment of yacht and aircraft leasing
The Commissioner for Revenue has published an amended version of the guidelines regarding the VAT treatment of yacht and aircraft leasing. In terms of the amended guidelines, the manner in which the period that the…
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Determination of the Reference Rate for the purposes of the Notional Interest Deduction (NID) Rules
The Inland Revenue Department has issued a guideline for the purposes of determining the reference rate in connection with the NID rules. In terms of the Rules, the interest on risk capital is calculated by multiplying…
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Amendments to the Tax Accounts (Income Tax) Rules
By means of Legal Notice 38 of 2018, the Government of Malta has amended the Tax Accounts (Income Tax) Rules which were originally issued by means of Legal Notice 79 of 2008 as subsequently amended by various legal…
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Amendments to the Capital Gains Rules
By means of Legal Notice 379 of 2017, the Government of Malta has made a number of amendments to the Capital Gains Rules, which were originally issued by means of Legal Notice 102 of 1993 as subsequently amended by…
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Notional Interest Deduction Rules
By means of Legal Notice 37 of 2018, the Government of Malta has issued new rules which provide for a notional interest deduction (NID) against the chargeable income of an undertaking for sums that are deemed to be…
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Amendments to the Qualifying Employment in Aviation (Personal Tax) Rules
By means of Legal Notice 378 of 2017, the above-mentioned rules (which were originally issued by means of Legal Notice 177 of 2016 as amended by Legal Notice 1 of 2017) were once again amended. The rules allow for the…
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Taxation of Employment Income in Malta
Introduction In recent years, Malta has experienced a significant increase in international business and foreign direct investment. Its legislative framework, its infrastructure, Government’s investment in state of the…
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EU Commission announces new tax guidelines on withholding taxes
The Commission has on the 11th December 2017 put forward new guidelines on withholding taxes to help Member States reduce costs and simplify procedures for cross-border investors in the EU. The new Code of Conduct…
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Maltese tonnage tax scheme approved by the European Commission
The EC has conditionally approved under EU State aid rules the Maltese tonnage tax scheme for a period of 10 years. This scheme lays down a level playing field between shipping companies in Malta and those in Europe,…
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Double taxation agreement with Ukraine
The Government of Malta has just published the new agreement with Ukraine for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. With respect to interest and royalties…
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Tax deductions for donations made to the Malta Community Chest Fund (MCCF)
With effect from year of assessment 2015, a deduction against taxable income was introduced in respect of cash donations of not less than €2,000 made by companies to the Malta Community Chest Fund. The donation would be…
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New guidelines issued by the VAT Department to determine the taxable value of gambling and betting services
The VAT Department has on the 21st November 2017, issued new guidelines, on the determination of the taxable value of gambling and betting services, that fall within the scope of article 4 of the VAT Act and which are…
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Audit Report Waiver and Deduction Rules
By means of Legal Notice 306 of 2017, the Government of Malta has issued new rule, in virtue of which a new deduction will be given for income tax purposes to companies which will have effect as from year of assessment…
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Deduction (Embellishment Project) Rules, 2017
By means of LN 274 of 2017, the Government has issued new rules which provide for a additional deduction for income tax purposes in respect of expenditure incurred by a person carrying on a trade or business…
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Notional Interest Deduction (NID) Rules
By means of Legal Notice 262 of 2017, the Government of Malta has issued new rules which provide for a notional interest deduction against the chargeable income of an undertaking for sums that are deemed to be payable…
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New tax benefits announced for employers, employees and the self-employed
The Government of Malta has announced incentives to encourage employers and employees to invest in voluntary private pensions. Employers will now get a maximum tax credit of €150 for every €1,000 pension product bought…
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Tax Credits for Catering Establishments – Catering Capacity Building
Introduction Malta Enterprise (ME) has recently launched a new scheme, the scope of which is to assist hospitality and catering establishments engaging a chef to support in capacity building, innovation, and in the…
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Tax Credits for R&D and Innovation
Introduction Malta Enterprise (ME) has recently launched a new scheme, the scope of which is to assist undertakings that employ for a period of at least twelve (12) months a person holding or reading for a doctoral…
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Guidance Note issued by the IRD on the Taxation of Rental Income
The Inland Revenue Department has recently published some clarifications relating to the application of Article 31D of the ITA, providing for a reduced rate of tax on rental income. The final tax rate of 15% can also be…
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Amendment to the Deduction (Income from Employment) Rules
By means of LN 188 of 2017, the Government has amended the above-mentioned rules. These rules provide for a deduction against employment income where an individual (including any spouse where the responsible spouse has…
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Directive on Tax Dispute Resolution Mechanisms in the EU
On 23 May 2017, the Council agreed on a new system for resolving double taxation disputes within the EU. The proposal sets out to improve the mechanisms used for resolving disputes between member states when disputes…
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Malta signs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS
On the 7th of June 2017, Malta has together with other 75 countries, signed or formally expressed their intention to sign the multilateral convention to implement tax treaty related measures to prevent BEPS. This…
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New Tax Credits to Students
A new Legal Notice (LN 175 of 2017), entitled ‘Deductions and Tax Credits (Relevant Qualifications for Industry) Rules has been issued which provides for a tax credit of up to 70% of the study costs paid by a student…
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Income Tax Returns YA 2017 for Individuals
The deadline for the submission of personal income tax returns for basis year 2016 (year of assessment 2017) is the 7th July 2017, while payments of any tax due must be made by not later than the 30th of June 2017. How…
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Tax Credits for Micro Enterprises and the Self-Employed
By means of LN 140 of 2017, the Tax Credits for Micro Enterprises and the Self-Employed Regulations were amended so that family businesses as defined in the Family Business Act may with effect from year of assessment…
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Tax Credits for Micro Enterprises and the Self-Employed
Micro Enterprises and self-employed persons, carrying out a trade or business and which require assistance to expand, innovate or invest in its business in Malta, are eligible to tax credits in terms of Tax Credits for…
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Disaster and Business Continuity Planning
Do you have a disaster recovery plan that would adequately protect your organization? Just ask any of the hundreds of firms and businesses affected by disasters, whether they are natural or man-made and they will tell…