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...
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....
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...
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...
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...
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...
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...
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...
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...
