On 19th April 2024, Malta Enterprise published a new incentive called the Business Development Scheme. This schemes aims to facilitate value-added projects, including new business initiatives, start-up, expansions and transformation activities that contribute to the regional development of Malta. It will remain open until 30th September 2030.
Tax rebate on private residential leases - Amalgamation with TA24
Persons who derive income from a private residential lease which is registered with the Housing Authority as a long lease, are eligible for a tax rebate against the tax chargeable on such rental income.
The Commissioner for Revenue has extended the deadline for applying for fiscal unity in respect of the Year of Assessment 2020 from 31 August 2020 to 30 September 2020.
On the 11 March 2020, the European Court of Justice (ECJ) issued its judgement in C-94/19 (Italian Tax Authorities v. San Domenico Vetraria S.p.a.) in relation to the VAT treatment of secondment of staff provided by a parent company to its subsidiary.
Qualifying Employment in Aviation (Personal Tax) (Amendment) Rules
On 2 April 2020, a legal notice was published whereby the Qualifying Employment in Aviation Personal Tax Rules were amended. These updates are applicable with effect from 1 January 2020.
The Companies Act Company Reconstruction Funds Regulations
The scope of these regulations is to create and regulate the administration of a fund intended to facilitate company recovery procedures instituted in accordance with article 329B (Company Recovery Procedure) of the Companies Act.
The Malta Retirement Programme (“MRP”), the Global Residence Programme (“GRP”), the Residence Programme (“TRP”) and the United Nations Pensions Programme ("UNPP") have been recently updated through the publication of LN 69 of 2020. Such updates are effective from 1 January 2020.
Electronic Filing Extension of Corporate Income Tax Returns for 2020
The Commissioner for Revenue has notified the public that the deadlines for the electronic filing of income tax returns for companies have been extended.