Interest rate on unpaid VAT increased

The rate of interest applicable in terms of article 21(4) of the VAT Act has been increased from 0.33% to 0.6% with effect from 1 September 2022 (LN 227 of 2022). The Legal Notice includes a proviso that the interest rate remains 0.33% for balances...

CFE Tax Top 5 (12 September 2022)

This week's edition of the CFE Tax Top 5 looks at the following: CFE President Addresses EU Finance Ministers at Informal ECOFIN Meeting in Prague EU Pillar II Implementation: Certain Member States to Proceed Unilaterally OECD: Tax Morale II – Building Trust Between Tax Administrations...

Amendment to the Exemption from Duty in terms of Article 23 Order

LN 224 of 2022 has revised Article 5 of the Exemption from Duty in terms of Article 23 Order (SL 364.12), inter alia extending the 30 September 2022 deadline for the transfer to be effected (where the Notice of the Promise of Sale was notified before...

CFE Tax Top 5 (5 Sept 22)

This week's edition of the CFE Tax Top 5 looks at the following: USA & Pillar 2: A Minimum Tax But Not the OECD Minimum Tax Pascal Saint-Amans to Step Down as Director of the OECD Centre for Tax Policy and Administration EU Commission President...

Commission Workshop on CESOP

The Office of the CfR has notified all Payment Service Providers who may be affected by the new requirements coming into force on 1st January 2024 [Council Directive (EU) 2020/284 and Council Regulation (EU) 2020/283], that a workshop will be held on 23rd September 2022...

Amendment to Income Tax on Pensions rules

SL 123.204 has been revised by LN 220 of 220. The amendments include the introduction of a definition of "pension income", reflecting the definition in SL 123.127 to which the rules previously referred, as well as a cap on the amounts exempt. The amendments apply with...

CFE Opinion Statement on DEBRA

CFE Tax Advisers Europe has issued an Opinion Statement on the European Commission Proposal for a Council Directive on debt-equity bias reduction allowance and on limiting the deductibility of interest for corporate income tax purposes (“DEBRA”). Click here to view the Opinion Statement....

Income Tax Return Deadline – REMINDER

!!REMINDER!! The extended deadline for submission of the Income Tax return ONLINE for basis year 2021 is 31 July 2022.  To submit a personal income tax return online, log in to https://mytax.cfr.gov.mt using your E-ID account....