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 →
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 →
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 →
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 →
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 →
Increase in VAT exempt threshold
From 1 July 2018 taxable persons whose economic activity consists principally in supplies of services with a high value-added, and whose annual turnover is €20,000 or less are eligible to opt to register for VAT as in terms of article 11 of the VAT Act, thus exempt from charging VAT. read more →