Return Attachment 6 updated – Profit from student hosting
The Office of the CfR has issued an updated RA 6 - click here....
4 May 2023
Assignment of rights under a POS rules revised
LN 99 of 2023 has revised Rule 12 of the Assignments of Rights Acquired under a Promise of Sale Agreement Rules (SL 123.198), deleting the reference to 31 December 2022, thereby extending the application of the 15% tax rate where the consideration does not exceed...
22 April 2023
Deduction for the cost of goods acquired for resale
The Office of the CfR has issued a guidance note clarifying the application of the principle that a trader may claim a deduction of the costs of stock in trade at the time that the cost is incurred on condition that the good are eventually...
20 April 2023
Overview of recent legislative updates
The Office of the CfR has published an overview of the recent changes introduced with the following legal notices: LN 40/2023 Group Deductions (Income Tax) (Amendment) Rules, 2023 LN 48/2023 Pensions (Tax Exemption) (Amendment) Rules, 2023 LN 49/2023 Tax Rebate (Pensioners) (Amendment) Rules, 2023 LN...
20 April 2023
Overview of the amendments to the ITA and ITMA with the Budget Measures Implementation Act
Further to the publication of Act XII of 2023, the Office of the CfR has released an overview of the measures amending the Income Tax Act and the Income Tax Management Act. View the overview here....
20 April 2023
Reduction in tax rate on royalty income
Further to an amendment to article 31F of the Income Tax Act (CAP 123) introduced with the Budget Measures Implementation Act 2023, royalties derived on or after 1 January 2023 by an individual in his capacity as author of a qualifying literary work by virtue of...
11 April 2023
Increase to the deduction of fees for sporting & cultural activities
The Budget Measures Implementation Act 2023 has amended the Income Tax Act (CAP 123) increasing, as of Year of Assessment 2024, the amount allowable as a deduction against taxable income in relation to fees paid for qualifying sporting activities (Article 14E) and qualifying cultural activities...
11 April 2023
Amendment to the Donations to Community Chest Fund Rules
LN 63 of 2023 has revised the Donations (Community Chest Fund) Rules, deleting Sub-rule (2) of rule 2....
10 April 2023
Amendment to the Exemption from Tax on Certain Property Transfers Rules
The Exemption from Tax on Certain Property Transfers Rules (SL 123.199) have been revised by LN 77 of 2023....
10 April 2023