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TAX NEWS
The Pensions (Tax Exemption) Rules have been updated by LN 356 of 2024. The revised rules, which update the exemption thresholds for pensions income, enter into effect as of 1 January 2025.
The Deduction (Income from Employment) Rules have been revised by LN 358 of 2024, increasing the thresholds in Rules 2 and 3
LN 363 of 2024 has revised the Relief from Income Tax and from Duty on Documents and Transfers on Certain Property Transfers Rules, extending the application of Rules 3 and 7 until 31 December 2025 and excluding immovable property intended for the storage of goods...
Legal Notice 344 of 2024 introduces an amendment to item 6 of Part 2 to the Third Schedule of the VAT Act in relation to admission to cultural, artistic, sporting, scientific, educational, entertainment or similar events where the attendance is virtual; and Services and ancillary...
Legal Notices 354 and 355 of 2024 introduce the reduction on VAT rate on women’s sanitary products announced with the Budget for 2025. Certain sanitary items essential for women’s health, which are subject to VAT at 5% will, effective 1 January 2025, be exempt (zero-rated)...
Act XXXVIII of 2024 published on 17 December 2024 has introduced changes to the VAT Act implementing the changes to the EU VAT Directive (Dir 2006/112EC) introduced by Directive 2020/285 as regards the special scheme for small enterprises (See MIT News 20 February 2020). Further changes to...
The Taxation of Business of Insurance following the adoption of the International Financial Reporting Standard 17 Insurance Contracts Rules, 2024 have been published by LN 334 of 2024. The rules apply to any person that derives gains or profits wholly or in part from the...
LN 325 of 2024 has extended the periods of applicability, by another year, of measures under the following laws: Exemption of Duty in terms of article 23 Order Duty on Donations of Marketable Securities and Immovable Property Used for Business (Exemption) Order Duty on the...
The Deductions and TaxCredits (Relevant Qualifications for Industry) Rules (SL 123.107) have been revised by LN 323 of 2004, extending the Get Qualified Scheme up until 31 December 2025. Under the Get Qualified Scheme Students following courses approved by the Malta Enterprise can apply for...