06
17

Rules published on Exemption from tax on certain property transfers

Rule 4 provides that subject to the provisions of rule 6 (which contains rules for ‘structured arrangements’), a person who makes a transfer to which these rules apply shall be exempt from the tax otherwise chargeable on that transfer in terms of article 5A of the Income Tax Act to the extent that it exceeds.. read more →

06
17

Legislation published on Stamp Duty reduction on property transfers

The new article 5 of the Order provides that in the case of a transfer inter vivos of immovable property or any real right over such property made on or after the 9th June 2020 but before the 1st April 2021, the duty otherwise chargeable in terms of the Duty on Documents and Transfers Act.. read more →

06
17

Published Rules on Tax on Overtime

The 15% rate applies to qualifying overtime income up to an amount not exceeding an amount derived by multiplying the number of qualifying overtime hours (up to 100 hours) by the rate per hour at which the overtime is paid (but not exceeding twice the hourly equivalent of the basic weekly wage). The hourly equivalent of.. read more →

06
10

Economic stimulus package 8 June 2020

Following the COVID-19 pandemic, on the 8 June, the Prime Minister, the Minister for Finance and Financial Services and the Minister for the Economy, Investment and Small Businesses announced a package of measures intended to regenerate the economy and this by implementing measures targeted to reduce operational costs of businesses, measures to incentivise domestic consumption and measures to support investment. read more →

03
20

COVID-19 Postponement of Payment of Certain Taxes

The Commissioner for Revenue today announced a Tax Deferal Scheme intended to assist organisations cope with the problems they face as a result of the pandemic mitigation measures in place. Eligible Tax: Provisional tax, Employee taxes, maternity fund payments and social security contributions, social security contributions of self-employed persons and Value Added Tax which fall due.. read more →

03
17

Covid19 – Facilitation of Teleworking Activities

In order to facilitate employers to provide teleworking arrangements to their employees who can carry out their work from their residence now any business can request assistance to be given to cover a 45% of eligible costs up to Eur500 per teleworker incurred after 1st of March 2020 to purchase a) Purchasing and/or leasing of.. read more →

01
30

Withholding Tax on Assignments of Rights acquired under a Promise of Sale Agreement

One of the budget measures announced for 2020 refers to the taxation of income derived from assignments of rights acquired under a promise of sale agreement (ċessjoni ta’ konvenju). The measure applies to assignments made as from 1 January 2020 and the relative legislation will be made retroactive to that date. In the meantime, notaries.. read more →

10
15

Budget Highlights

Following is CamilleriGalea summary for Budget 2020 COLA to be €3.49 per week. This will be granted as a pro-rata increase to students’ stipends. A one- time bonus will be given to each household, €15 for a single person household and €35 for households with two or more persons First 100 hrs of overtime of.. read more →

10
01

Patent Box Regime

On 13 August 2019 Malta introduced a patent box regime by virtue of the ‘Patent Box Regime (Deduction) Rules, 2019’, Legal Notice 208 of 2019 (the ‘Rules’). The Rules provide a basis on which the deduction laid down in article 14(1)(p) of the Income Tax Act (the ‘ITA’) may be claimed and shall apply in.. read more →

06
29

Virtual Financial Assets Law approved

The Maltese Parliament has unanimously approved the Virtual Financial Assets Bill, the Malta Digital Innovation Authority Bill and the Innovative Technology Arrangements and Services Bill, making it the first jurisdiction to adopt a regulatory framework on Distributed Ledger Technologies (DLTs), more commonly known as ‘blockchain technology’. These three bills target initial virtual financial asset offerings.. read more →