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...

CfR clarification on ‘Recognised Stock Exchanges’

The Office of the CfR has issued a guidance note which clarifies which stock exchanges are recognised by the CfR for the purposes of the Income Tax Acts and the Duty on Documents and Transfers Act: Stock exchanges that are members of the World Federation of...

Transfer Pricing Rules published

Further to the consultation completed earlier this year (see MIT News 21 December 2021), the Transfer Pricing Rules 2022 have been published by Legal Notice 284 of 2022....

Information for online sellers of goods

The Office of the CfR has issued an information note which reminds persons who take orders from customers for the purchase of goods online from third party websites, purchase those goods in their own name and subsequently resell them to their customers,  of their Malta Income...