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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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Reminder: 30 June 2015 – deadline for filing of tax forms for the reduced tax rate of 15% on rental income, personal tax returns and tax returns for part-time income

Reminder:  the tax returns for the following income are to be filed by not later than 30 June 2015: 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); The TA24A form (to be submitted by any persons opting to declare any rental income from residential properties arising in the eight years preceding the basis year 2013 and which was not declared). Further information about the above-mentioned forms is provided in the summary attached hereto or by clicking here. Kindly note that (in addition to the above-mentioned forms) the personal tax returns and the separate tax ...

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Remission of interest and penalties (VAT)

Legal Notice 75 of 2015 which was published in March 2015 brought into force various amendments to the rules providing for the remission of interest. Such rules have now been extended to provide for the remission of administrative penalties (as well as interest) imposed in terms of the Value Added Tax Act (Cap. 406 of the Laws of Malta). For further details kindly click here.

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Employment benefits and incentives

The Employment and Training Corporation (the “ETC“) is currently receiving application forms for two new programmes which offer significant benefits to employers seeking to employ individuals in certain categories. The benefits are offered by virtue of the following incentives: 1. The Youth Guarantee Programme; 2. Tax deductions in respect of new employees aged between 45 and 65. Further details regarding the above mentioned benefits are available in our summary which can be downloaded by clicking here.

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DFK Malta wins the DFK EMEA Website of the Year Award 2015

DFK Malta has just won the DFK EMEA Website of the Year Award 2015. This award was presented to the firm in February 2015 at the conference held in Cyprus for the DFK Member firms from Europe, the Middle East and Africa (the “EMEA” region). It was presented to Joseph Camilleri (partner – DFK Malta who represented DFK Malta at the conference) by Mark Lamb (Vice President  – DFK EMEA Region). DFK Malta’s website was developed by NIU.

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VAT Guidelines for Bad Debt Relief claims

Guidelines for Bad Debt Relief claims (hereinafter referred to as the “Guidelines”) were issued recently by the VAT Department in terms of the provisions of the Tenth Schedule of the VAT Act (Cap. 406 of the Laws of Malta). The Guidelines provide the relevant conditions and procedures that must be followed to claim Bad Debt Relief as aforesaid, including the method to be adopted for the calculation of the claim. The Guidelines also clarify other practical issues that may arise when claiming Bad Debt Relief for VAT purposes. For further information kindly click here.

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