MALTA-RUSSIA DOUBLE TAX TREATY REVISED
Malta and Russia signed amendments to the Double Taxation Relief (Taxes on Income) (Russian Federation) Order, which were published on 10 October 2020 in virtue of LN428 of 2020. These amendments were signed on 1 October 2020 and will enter into force on such date as may be announced in the Government Gazette. read more →
TAXATION OF ROYALTIES ON QUALIFYING LITERARY WORKS
The proposed provision in the Budget Measures Implementation Bill will apply to individuals in their capacity as author of a qualifying literary work by virtue of their title to the copyright on that work conferred by the Copyright Act. It will allow the said individual to opt for taxation at 15% on the gross amount of.. read more →
EU list of non-cooperative jurisdictions updated
EU list of non-cooperative jurisdictions for tax purposes: Anguilla and Barbados added, Cayman Islands and Oman removed. On 6 October 2020 the EU list of non-cooperative jurisdictions was updated as follows: Anguilla and Barbados were added to the EU list; Cayman Islands and Oman were removed from the list. Following this update, twelve jurisdictions remain on the.. read more →
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 →
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 →
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 →
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 →
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 →
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 →
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 →