AEOI Guidelines updated

The Office of the CfR has informed Reporting Malta Financial Institutions that version 4.2 of the AEOI Implementing Guidelines has been published. The updates are indicated in section 1.4 and refer to section 14.1 (Relief for reporting on certain pre-existing accounts that are U.S. reportable...

Rules for setting off tax arrears revised

The Exemption from Tax on Property Transfers (Set-off of Tax Arrears) Rules, which were introduced in 2021 (See MIT News 10 November 2021) have been revised by LN 9 of 2023 amending Rule 4 introducing a notification cut-off date of 31st March 2023....

Changes to the Cooperation with Other Jurisdictions on Tax Matters Regulations

The Cooperation with Other Jurisdictions on Tax Matters Regulations (SL 123.127) have been revised by LN 8 of 2023. The numerous amendments introduced by this measure include the introduction of a definition of  "joint audit" and a new provision regulating joint audits; clarification of the notion...

Amendment to the Deduction (Income from Employment) rules

The Deduction (Income from Employment) Rules have been revised by LN 4 of 2023. The income threshold of €10,200 in Rule 2 has been extended to €10,535, and a new sub-paragraph has been added to Rule 3 which reads as follows: "Any individual to whom rule 2...

Tax on part time income

The Office of the CfR has notified that the deadline to pay the tax on part-time employment/self-employment is end of April of the following year for which payment is being made.  As of 01/01/2022 the tax rate for both part time employed and part time...

Election to submit a separate tax return under article 49A ITA

As of year of assessment 2021 a married couple, where both spouses are living together, have the option to submit a separate tax return where certain conditions are met. The Office of the CfR has issued guidance on the procedure for spouses to apply for...

Tax Relief for investing in start-ups

The Seed InvestmentScheme (Income Tax) Rules, 2022 were published by Legal Notice 356 of 2022. The rules, which apply to investments made from basis year 2022 until the end of 2023, grant tax relief to natural persons resident in or operating in Malta investing in...

Commission proposes exchange of information on Crypto-assets (DAC 8)

On 8 December 2022 the European Commission  proposed new amendments to the Directive on Administrative Cooperation to include exchange of information on crypto-assets (DAC8). The proposed revised Directive contains rules for reporting and exchange of information on crypto-assets for direct tax purposes applicable to service providers facilitating...

Rules for setting off of tax arrears revised

The Exemption from Tax on Property Transfers (Set-off of Tax Arrears) Rules, which were introduced in 2021 (See MIT News 10 November 2021) have been revised by LN 311 of 2022 amending Rule 4 to permit the transfer of tax arrears between related companies and between...