OECD Report: Taxing Virtual currencies

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...

Deferment of taxes – Update

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...

Excise duty on fuel reduced

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....

Suspension of Legal Times under the Revenue Acts Order repealed

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of Legal Times (Revenue Acts) Order, 2020, which was published on 3rd April 2020 (see MIT News 5 April 2020) has been repealed in virtue of LN 242 of 2020.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...

Stamp duty reduction on property transfers – legislation published

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...

CfR Guidance on COVID Recovery measures

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...

COVID-19 Tax Deferral – Update

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...

Reduction in taxes on property transfers

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...

New CfR online services – electronic forms processed in real time

The Commissioner for Revenue has announced that the following 5 new online services have been launched for persons in business as from 1 June 2020: PE Registration Form, PE Deactivation Form, PE Reactivation Form, VAT – Change in Register and VAT – Maintain Economic Activity. Requests...