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...
Earlier this week it was announced that the Budget for 2022 will be presented on Monday 11 October 2022....
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,...
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....
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...
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...
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...
At their meeting of 5 - 6 June, Finance Ministers and Central Bank Governors of the G7 confirmed their support of the efforts underway through the G20/OECD Inclusive Framework to address the tax challenges arising from globalisation and the digitalisation of the economy and of the...
On 18 May 2021 the Commission published a recommendation on the tax treatment of losses during the COVID-19 crisis. The commission is recommending that Member States should allow loss carry back for businesses to at least the previous fiscal year, i.e. at least 2019, and...
