OECD guidance on GloBE rules

On 14 March 2022 the OECD/G20 Inclusive Framework on BEPS released further technical guidance on the 15% global minimum tax (part of the two-pillar solution to address the tax challenges arising from digitalisation of the economy). The Commentary explains the intended outcomes under the GloBE Rules and clarifies the meaning of...

EU Council progress on Pillar 2 discussions

Progress has been made in relation to the EU Directive on the implementation of the OECD's Pillar 2 minimum corporate income tax at the 15th March 2022 ECOFIN meeting. Click here to view the draft compromise text published in advance of the meeting.  ...

Business and Professions for Ukraine Refugees Fund

The Malta Institute of Taxation has joined a number of business and professional organisations (see list below) in an initiative to support charities that are raising funds to assist refugees resulting from Russia’s invasion of Ukraine. The Institute has invited its Members to contribute to this...

Competent Authority details

The Office of the CfR has published the contact details of the designated Competent Authority in relation to specific areas, including DAC, exchange of information and mutual agreement procedures under Tax Treaties.   Click here for details.   source: cfr.gov.mt...

Increase in interest rate on unpaid tax

Pursuant to LN 99 of 2022, the rate of interest chargeable under article 44 (2A) of the Income Tax management Act, for any period or part thereof commencing on or after 1 June 2022, is 0.6%....

Increase in additional tax rate payable under PT rules

A new proviso has been added to Rule 14 of the Payment of Provisional Tax (P.T.) Rules (SL 372.18) pursuant to Legal Notice 99 of 2022 which provides that the additional tax payable in respect of late payment of PT shall be charged, for any period or part...

Pension tax exemption rules 2022

The Pensions (Tax Exemption) Rules 2022 were published on 4 March 2022 (LN 98 of 2022). The rules set out the exemption thresholds for pensions income derived by an individual on or after 1 January 2022.  ...