YA2023 electronic tax return for companies

The Office of the Commissioner for Revenue has announced that the year of assessment 2023 electronic corporate income tax return is now available on CfR online services. The supplemental document in case of a Fiscal Unit will be available for download on CfR online services in...

Extended deadline for e-filing of tax returns

An extension of the submission deadline for submission of the income tax return for YA 2023 by individuals has been announced. The deadline of 30 June 2023 is extended to 31 July 2023 for returns submitted electronically....

Strategy for Malta’s Tax and Customs Administration launched

The Malta Tax and Customs Administration has launched the ‘Delivering Transformation Strategic Plan 2023-2025'. "A decision has now been taken to revitalise the integration strategy and process, working to achieve a ‘modern and adaptive’ Tax and Customs Administration for Malta that is truly aligned with the changing...

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...

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...

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...

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...