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Malta Budget 2018 – General overview

In the Budget speech for 2018, Finance Minister Prof. Edward Scicluna announced various fiscal measures and  social and environmentally friendly incentives. These include an extension of the MicroInvest Tax Credit (both in terms of the quantum of the credit awarded and the eligibility of such scheme), tax credits for students following certain post-graduate courses, fiscal benefits to pensioners and other measures addressed to second-time property owners. These were complemented by other non-fiscal measures such as grants for environment friendly modes of transport and various initiatives related to the Blockchain technology. For further information about the principal measures to be introduced kindly click here. 

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Malta Budget 2017 – General overview

Finance Minister Prof. Edward Scicluna announced various measures in the Budget Speech for 2017. These include fiscal amendments targeted to enhance investment in shares listed in the Malta Stock Exchange (“MSE“), reduction in stamp duty on transfers of businesses from parents to their children, and other incentives aimed to encourage restoration of properties in an Urban Conservation Area (“UCA“). Other social measures include exemptions on pension income. For further information about the principal measures to be introduced kindly click here.

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30 June 2016 – deadline for filing of personal tax returns, tax returns for part-time income, tax forms for the flat tax rate of 15% on rental income.

The tax returns for the following income derived during the basis year 2015 are to be filed by not later than 30 June 2016 with the Inland Revenue Department: the personal tax returns; the separate tax return for part-time income to be taxed at the flat rate of 15%; The tax return to be filed by any persons opting to declare any income derived from the rental of residential properties and pay tax thereon at the flat rate of 15% (the TA24 form). For further information about the TA24 form for residential lets kindly click here.  * Kindly note that the optional election for the 15% final tax on rental income has been extended to income derived as from 1 ...

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Micro Invest Scheme – applications for tax credit in relation to expenses incurred in 2015

Malta Enterprise is currently receiving applications from undertakings (including self-employed individuals) qualifying for the Micro Invest Tax Credit, by virtue of which (subject to certain conditions) any micro enterprises and self-employed persons may benefit from a tax credit equivalent to 45% of eligible expenditure. An additional bonus of 20% (total 65% tax credit) applies to undertakings operating from Gozo. Eligible expenditure under these rules includes: (i)     Furbishing, refurbishing and upgrading of business premises; (ii)    Investment in  acquiring machinery, technology, apparatus or instruments which enhance the  operations; (iii)   Capital investment in Information Technology (iv)    Purchase costs of one commercial vehicle incurred over a period of three years; (v)    Wages costs covering the first twelve (12) month period pertaining to new full-time ...

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Malta Budget 2016 – General overview

In the Budget speech for 2016, Finance Minister Prof. Edward Scicluna announced various fiscal measures and other social and environmentally friendly incentives. These include a reduction in personal tax across all the different tax rates, a plan to extend the final tax at the flat rate 15% to also cover income derived from the rental of commercial property and the reduction of the property transfers tax from 8% to 5% for certain transfers of regenerated properties in an Urban Conservation Area (“UCA“). For further information about these fiscal measures and other measures to be introduced kindly click here.

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Amendments to the VAT Act regarding certain road assistance services

Legal Notice 277 of 2015 (published on 17 July 2015) has amended the Fifth Schedule of the VAT Act. By virtue of such amendments any road assistance services provided in the event of any breakdown or accident to persons who pay a fixed subscription fee for such purpose shall also be considered as an exempt (without credit) supply of insurance services. For further information kindly view the summary which is available below:

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DFK Malta participates at DFK International Conference in Stockholm, Sweden

DFK Malta participated at the DFK International Conference in Stockholm, Sweden, held between 14 and 17 July 2015. The Conference offered excellent opportunities for DFK member firms around the globe to network and update each other on tax issues and other relevant technical subjects. Our firm also attended the International Tax Seminar which was held during the Conference on 14 July, during which David Farrugia also participated in the discussions by giving three presentations. These presentations provided an insight into the Maltese Patent Box, the Luxembourg Patent Box and the Maltese tax system in general.

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