On the 22nd May 2018, two new legal notices concerning VAT matters were published, to enact regulations announced by the Minister for Finance in the 2018 Budget.
Please ignore such letters, since anyone signing and returning the letter will be entering into an advertising contract for an annual fee.
In the 2018 Budget Speech, the Minister of Finance had announced the introduction of the VAT Grouping Scheme into local legislation, whereby two or more persons would have the option to be treated as a single taxable person for VAT purposes.
Take note of the following changes within the VAT & Income Tax Department related to VAT and Income tax payments and move to the new premises.
Malta Enterprise will approve a tax credit equivalent to 45% of eligible expenditure. An additional bonus of 20% applies to undertakings operating from Gozo.
The Commissioner of Revenue has notified the extension of the deadlines for the electronic filing of Income Tax returns for companies.
An undertaking may claim a deduction against its income equivalent to 150% of the employee transportation costs incurred in the relative year.
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A new legal notice was published about the Duty on the Acquisition of the Second Immovable Property to be used for Own Residence (Exemption) Order.
Individuals carrying on business on a self-employed basis are invited to apply for a tax credit calculated at a percentage of the investments carried out in 2017.