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 →
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 →
Microinvest tax credit 2017 for Micro Enterprises and Self-Employed
Micro enterprises and self-employed persons may benefit from Microinvest tax credit equivalent to 45% of eligible expenditure (subject to certain conditions). An additional bonus of 20% (total 65% tax credit) applies to undertakings operating from Gozo, registered as Family Business or having more than 50% of the ownership attributed to female persons. For an eligible cost to be claimed under Microinvest,.. read more →
Micro invest tax credits 2015
Deadline: The deadline for the submission of applications for the micro invest tax credits in respect of eligible expenditure incurred in 2015 is the 30th March 2016. Eligible micro enterprises and self-employed that: employ less than 30 employees; and whose turnover does not exceed €10 million. Qualifying expenditure includes: Capital investment in new 9(or first.. read more →
Tax deductions relating to donations made to the Malta Community Chest Fund
Tax deductions relating to donations made to the Malta Community Chest Fund are regulated by Subsidiary Legislation 123.162, ‘Donations (Community Chest Fund) Rules’. The rules were amended to apply for donations made between 1st January and 31st December 2015. The percentage of deduction allowable was amended whereby 100% donations exceeding €2,000 will be allowed as.. read more →
convention between malta and netherlands in respect of curaçao for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income
On 18th November 2015, Malta and the Caribbean island of Curaçao have signed a convention for the avoidance of double taxation and the prevention of fiscal evasion with respect of taxes on income. The agreement was signed by Malta’s Finance Minister, Edward Scicluna, and his counterpart from the constituent country of the Kingdom of the.. read more →
Highly Qualified Persons (Amendment) Rules, 2015
EEA or Swiss nationals who benefit from the Highly Qualified Persons rules are eligible for a one-time extension of five years to their qualifying period. These persons may benefit from such rules for a maximum period of ten years. This extension is not available for persons who were resident in Malta before 1st January 2008. The Highly.. read more →