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 →

06
28

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 →

03
01

Malta gets top marks in eu single market review

Malta gets top marks in EU Single Market review Malta is one of the best EU member states in adopting EU rules enabling its citizens the benefits of the Single Market, according to a new report presented by Internal Market Commissioner Michel Barnier in Brussels. Analysing the implementation of the various rules which oil the.. read more →

01
20

Malta’s ship register largest in europe

Malta’s ship register largest in Europe Malta is seventh in the world, increasing its tonnage by 16 per cent last year over 2010. Malta’s register iss very diverse and listed all types of vessels including cruise liners and super yachts. Some 300 super yachts were registered on Malta’s register by last year when there was.. read more →

09
27

Reduction in penalties and interest

The Reduction in Penalties and Interest Scheme is being extended for one last time. This scheme applies to Individuals, Companies and Employers who are not up-to-date on their tax documents and payments. To benefit from a reduction of up to 85% of penalties and interest: Submit pending tax returns by not later than Friday 30.. read more →