Further to the announcement by the Office of the CfR in connection with the extension of the reporting deadlines under regulation 13 of the Cooperation with other Jurisdictions on Tax Matters Regulations (SL 123.127) (see MIT News 2 July 2020), the Cooperation with Other Jurisdictions...
The Office of the CfR has updated the guidelines concerning the deferral of certain taxes, one of the measures announced in March 2020 to assist businesses that suffered a significant downturn in their turnover as a result of the economic constraints arising from the coronavirus pandemic. The...
The Office of the Commissioner for Revenue has announced that those individuals whose Tax Return is usually submitted by the end of June have until the end of August to submit their return. This applies to Tax Returns sent by post or using the online facility. We...
LN 284 of 2020 amends the Tax Rate (Construction Waste Recycling) (2020 - 2023) Rules. The rules, which have been renamed the Tax Exemption (Construction Waste Recycling) (2020 - 2023) Rules now provide in Rule 3 that: "Income derived by an authorised person from qualifying services...
The Deductions and Tax Credits (Relevant Qualifications for Industry) Rules (S.L. 123.107) have been revised (LN 283 of 2020), effectively extending the application of the rules to relevant educational courses commencing before 31 December 2023. The Deductions and Tax Credits (Relevant Qualifications for Industry) Rules (S.L....
A new online income tax return (personal) has been launched by the Office of the Commissioner for Revenue. Tax payers can complete and submit their tax return online by logging into MyTax Services with their e-ID. The submission deadline has been extended until the 31 August 2020 for...
The Private Residential Leases (TaxRebate) Rules, 2020 were published on 23 June 2020 (LN 258 of 2020). The rules provide for a tax rebate (where the option under article 31D(2) of the Income Tax Act for taxation at 15% on the gross rental income has been...
The Final Settlement System (FSS) Rules (S.L. 123.200) have been revised in virtue of LN 246 of 2020 in connection with the introduction of the reduced rate of 15% on qualifying overtime income announced with the Budget for 2020. See MIT News - Tax on...
Further to the introduction of article 90B of the Income Tax Act with the Budget Measures Implementation Act, which provides for a 15% tax rate on qualifying overtime income with effect from 1 January 2020, LN 245 of 2020 sets out the rules governing the...
