Taxation of income from sports activities rules published

The Income from Sport Activities Rules 2024 (LN 147 of 2024), which come into force with effect from YA 2025, extends the application of the 7.5% tax rate, which has applied to players, licensed coaches and athletes (article 56(26) of the Income Tax Act, CAP...

YA 2024 Tax Return for companies (electronic)

The electronic corporate income tax return for year of assessment 2024 is now available on MTCA's  online services. The supplemental document in case of a Fiscal Unit is also available for download.   For this year of assessment the notable changes to the tax return are: TRA 63...

Amendment to Global Minimum Tax Implementing Regulations

Regulation 6 of the 'European Union Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups Regulations' has been revised by Legal Notice 130 of 2024 with effect from 20 February 2024, as follows: in Regulation 6(1), the words "regulation 2(7)" has...

Personal Tax Return available online

The online service for the filing of the Personal Income Tax for YA 2024 (basis year 2023), is now enabled - see MTCA announcement....

Tax treatment of interest paid under the VAT Act – MTCA guidance

Further to the repeal of article 74 of the VAT Act with the Budget Measures Implementation Act, the Malta Tax & Customs Administration (MTCA) has issued Guidance clarifying that the income tax treatment of interest paid pursuant to the provisions the VAT Act has, with...

Updated Guideline on Article 6 ITA

The guidelines on the application of Article 6 of the Income Tax Act (CAP 123), in terms of which an Investment Services or Insurance Expatriate, as defined, may opt to be exempted from tax on income relating to certain personal expenses, which would otherwise be...

ECOFIN agrees on new rules for withholding tax procedures (FASTER)

At the ECOFIN meeting of 14 May 2024, Council reached an agreement on the so-called FASTER initiative which was proposed in June 2023 (See MIT news 23 June 2023). This initiative, aims to make withholding tax procedures in the EU safer and more efficient for...