Further to the decision of the CJEU in case C-694/20 (See MIT News 9 December 2022) the Commissioner for Revenue has issued a guideline on the consequences of the judgement - view here. In addition V1.2 of the DAC6 guidelines has been issued with updates to Section...
The Office of the CfR has issued guidance on the calculation of the 30-day period for the purposes of article 56(17) of the Income Tax Act. The CfR Notice clarifies that presence in Malta on vacation leave or sick leave is to be disregarded. Furthermore, presence in...
LN 40 of 2023 has revised the provisos to Rule 3 of the Group Deductions Rules (SL 123.205), which now read: "Provided that the total allowable deductions that may be claimed shall not exceed one million euro(€1,000,000) per group of companies and the total amounts surrendered in...
The Office of the CfR has published an overview of the most recent legislation developments. The January 2023 edition of the Legislative Updates covers: LN247/2022 Tax Credit (Malta International Airport plc) (COVID-19 Damage Compensation) Rules, 2022 LN 284/2022 Transfer Pricing Rules, 2022 LN 311/2022 Exemption...
The Office of the CfR has informed Reporting Malta Financial Institutions that version 4.2 of the AEOI Implementing Guidelines has been published. The updates are indicated in section 1.4 and refer to section 14.1 (Relief for reporting on certain pre-existing accounts that are U.S. reportable...
The Exemption from Tax on Property Transfers (Set-off of Tax Arrears) Rules, which were introduced in 2021 (See MIT News 10 November 2021) have been revised by LN 9 of 2023 amending Rule 4 introducing a notification cut-off date of 31st March 2023....
The Cooperation with Other Jurisdictions on Tax Matters Regulations (SL 123.127) have been revised by LN 8 of 2023. The numerous amendments introduced by this measure include the introduction of a definition of "joint audit" and a new provision regulating joint audits; clarification of the notion...
The Deduction (Income from Employment) Rules have been revised by LN 4 of 2023. The income threshold of €10,200 in Rule 2 has been extended to €10,535, and a new sub-paragraph has been added to Rule 3 which reads as follows: "Any individual to whom rule 2...
The Office of the CfR has notified that the deadline to pay the tax on part-time employment/self-employment is end of April of the following year for which payment is being made. As of 01/01/2022 the tax rate for both part time employed and part time...
