Earlier this evening the Minister for Finance and Financial Services, Prof. Edward Scicluna, delivered the Budget Speech for 2021. The following is an overview of some of the fiscal measures announced. Tax Refund In 2021, eligible persons will receive a tax refund in an amount ranging from €45 to...
The OECD has published a report, with the participation of over 50 countries, which analyses the approaches and policy gaps across the main tax types (income, consumption and property taxes) in these countries in connection with virtual currencies. Taxing Virtual Currencies was prepared for presentation to the October 2020 meeting of...
The Office of the CfR has updated the guidelines concerning the deferral of certain taxes, one of the measures announced in March 2020 to assist businesses that suffered a significant downturn in their turnover as a result of the economic constraints arising from the coronavirus pandemic. The...
LN 250 of 2020 published on 19 June 2020 amends the Excise Duty Act (CAP 382), reducing excise duty on certain products listed in the Fourth Schedule to the Act by €0.06c per litre....
The Suspension of Legal Times (Revenue Acts) Order, 2020, which was published on 3rd April 2020 (see MIT News 5 April 2020) has been repealed in virtue of LN 242 of 2020. As a result: any legal time that was suspended and that had commenced running before the...
Following the announcement made on 8 June 2020 concerning the measures for the regeneration of the economy following the COVID-19 pandemic (see MIT News 9 June 2020), the Exemption of Duty in Terms of Article 23 Order (SL 364.12) has been revised in virtue of...
The Commissioner for Revenue has issued guidance on the recovery measure announced on the 8th June 2020 concerning the reduced rates of income tax and duty on documents and transfers on certain property transfers, specifically: a reduction in the stamp duty of the acquisition of immovable...
On 8 June 2020 the Minister for Finance announced that the measure permitting the deferral of the payment of taxes (see MIT News 20 March 2020) will be extended, with regard to some of the eligible taxes, until the end of August. Provisional Tax, VAT and...
On 8 June 2020 a package of measures intended to regenerate the economy in the wake of COVID-19 were announced. These measures included: a reduction in the stamp duty of the acquisition of immovable property (residential) from 5% to 1.5%; and a reduction in the final...
