Investment Aid Regulations revised

A new regulation 8 has been added to the Investment Aid Regulations 2021, pursuant to LN 390 of 2021, which inter alia regulates the computation of the investment tax credit, provides that where the benefitting undertaking distributes the income which was relieved from tax, the dividend...

Focus on enforcement – interest on overdue taxes

In his Budget Speech for 2022 the Minster for Finance and Employment yesterday announced a change to the administrative practices around the granting of a remission for interest on overdue taxes pursuant to SL 372.26. In terms of the legislation the Commissioner may only remit interest...

Malta Budget for 2022 – Highlights

Earlier this evening the Minister for Finance and Employment, the Hon Clyde Caruana, delivered the Budget Speech for 2022, which put social measures and measures addressing sustainability at the forefront. The following is an overview of some of the fiscal measures announced: An increase in the...

Malta Budget 2022

Earlier this week it was announced that the Budget for 2022 will be presented on Monday 11 October 2022....

Reduced rate of tax on certain property transfers extended

LN 325 of 2021 published on 6 August 2021 has revised the Exemption from Tax on Certain Property Transfers Rules, extending the application of the reduced rate of tax of 5% on the first eur400,000 to transfers inter vivos taking place before 1 January 2022. Furthermore,...

Law enforcement access to financial information

LN 312 of 2021, published on 26 July 2021, has transposed EU Directive 2019/1153 which lays down rules facilitating the use of financial and other information for the prevention, detection, investigation or prosecution of serious criminal offences, including tax evasion....

Changes to the Tax Credit rules

The Tax Credit (Higher Educational Qualifications Rule (SL 123.180)  and the Deductions and Tax Credits (Relevant Qualifications for Industry) Rules  (SL 123.107) have been revised (LN 286 and 287 of 2021 respectively). The changes to both Rules involve the appointment of Malta Enterprise Corporation as the body responsible...

Cross-border resolution of tax disputes for SMEs – Consultation

The EU Commission is working on an EU cooperative compliance programme, the objective of which would be to allow  tax administrations to resolve together, in a preventive manner, cross-border tax issues faced by small and medium-sized enterprises operating within the EU. Taxpayers will be able to...

Debt-equity bias reduction allowance (DEBRA)

The European Commission has published an inception impact assessment on the initiative to reduce the debt- equity tax bias in the EU. This initiative, which was announced as part of the corporate tax reform proposal in the recent Communication for Business Taxation of the 21 Century (See MIT...

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