The Office of the Commissioner for Revenue has published consolidated guidelines on the automatic exchange of financial account information in connection with the application of FACTA IGA, CRS and DAC II. These supersede and revoke any previously issued guidelines supplementing these instruments. The salient changes included...
The Cooperation with Other Jurisdictions on Tax Matters Regulations (Subsidiary Legislation 123.127) have been revised in virtue of Legal Notice 342 of 2019 published on 17 December 2019. The amendments, inter alia, transpose the provisions of Council Directive 2018/822 of 25 May 2018 amending Directive...
Subsidiary Legislation 123.74 has been revised to increase the maximum amount of tax rebate available to persons chargeable to tax at the rates specified under article 56(1)(a) and (b) of the Income Tax Act. The amendment introduced by Legal Notice 326 of 2019 will come into...
LN 304 of 2019 published on 19 November 2019, amends the Payment of Provisional Tax Rules (S.L. 372.18). A new proviso to Rule 14(1) provides that in respect of periods commencing on or after 1 January 2020, additional tax due in relation to late payment of provisional...
LN 304 of 2019 published on 19 November 2019, amends the Income Tax (Rate of Interest) Rules (S.L. 372.28). A new proviso to Rule 2 provides that in respect of any period commencing on or after 1 January 2020, the rate of interest applicable in terms of...
LN 282 of 2019, published on 5 November 2019, revised the Qualifying Employment in Innovation and Creativity (Personal Tax) Rules (S.L. 123.141). In terms of article 1(2) of the amending rules, the amendments shall be deemed to have come into force on 1st January 2019. The amended provisions include,...
The Guidelines in relation to the Notional Interest Deduction rules have been revised and a new paragraph has been added to the rules. The new paragraph (xii) entitled: Attribution of the Deemed Interest Income on Alternative Bases reads as follows: In terms of the proviso to sub-rule...
LN 280 of 2019 has notified the entry into force, on 20 September 2019, of the Convention between the Government of the Republic of Malta and the Government of the Republic of Kosovo for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion...
These are some of the main fiscal measures announced by the Minister for Finance in the Budget Speech for 2020: Income Tax A reduced rate of tax of 15% on the first 100 hours of employee overtime, for employees with a basic salary of under €20,000. ...
