Extension of corporate tax return e-filing deadline

The office of the CfR has announced that the electronic filing deadline for year of assessment 2020 tax returns in respect of companies having a 31 December 2019 accounting year-end is being further extended to 16 December 2020.   source: cfr.gov.mt...

CfR Guide on Dispute Resolution Mechanism Regulations

The Office of the CfR has published a guidance note which is intended to provide a general overview of the European Union Dispute Resolution Mechanisms Directive Implementation Regulations (SL 123.191).   source: cfr.gov.mt...

Proposed amendment to ITMA

The Budget Measures Implementation Bill (Bill 173 of 2020) has proposed an amendment to the Income Tax Management Act (CAP 372). A proposed new proviso to article 13(4), which provides a 5-year time limit within which to adjust a tax return resulting in a reduction in...

Assigned or delegated CfR services

The office of the CfR has notified that as from 1st November 2020 delegated or assigned CFR online services can only be accessed if authorised through CFR03 or CFR02.   source: cfr.gov.mt  ...

Proposed amendment to the participation exemption rule

The Budget measures Implementation Bill [Bill No. 173] has proposed the introduction of a new proviso to article 12(1)(u)(1) of the Income Tax Act (CAP 123) in terms of which the exemption from tax of income derived from a qualifying participating holding shall not apply to...

New exclusion from tax deductions proposed

The Budget measures Implementation Bill [Bill No. 173] is proposing the introduction of a new exclusion from deductions permitted under the Income Tax Act (CAP 123). It is being proposed that the following be added to the list in article 26 of the Act: "(i) any...

Taxation of Royalties on qualifying literary works

Pursuant to the announcement in the Budget for 2021 of a flat rate of 15% on royalties earned by authors (See MIT news 19 October 2020), article 15 of the Budget Measures Implementation Bill sets out the proposed new article 31F of the Income Tax...

Malta Budget 2021 – Social Measures

On 19 October 2020 the Minister for Finance and Financial Services, Prof. Edward Scicluna, delivered the Budget Speech for 2021. The following is an overview of some of the social measures announced: Cost of living increase of €1.75c; An additional day of leave for employees; Children’s...