I Incurred Tax Outside of Malta
Navigating taxation laws can be challenging, especially when income is incurred outside of Malta. The taxability of an individual or company in Malta is determined by their residence and domicile. In this article, we will explain how income incurred outside of Malta is taxed and the relief available to avoid double taxation. Malta Taxes on […]
The Tax Treatment of Rental Income
Rental income may be taxed in two ways: Final withholding tax of 15% Taxpayers may opt to pay tax on all rental income at a final withholding tax of 15%. Deductions are not available against final withholding taxes. The 15% final withholding tax rate is calculated on the gross rental income received. Furthermore, the final […]
Fiscal Unit Tax Payment Deadline
UPDATE – Borg Galea & Associates would like to inform our clients that the tax payment deadline of 18 months following the end of the accounting period is applicable to companies in possession of a determination under the relevant paragraphs of Article 47 of the Duty on Documents and Transfers Act (DDTA determination), shall for […]
Apply for the €10-million Malta Enterprise Grant for Start-up Businesses
Are you a small start-up business looking for government support to help establish and grow your enterprise? The Malta Enterprise Corporation has announced a new incentive to assist eligible small start-ups to develop their business plans, hire employees, and purchase necessary equipment. This program offers up to €10 million in funding, which is an excellent […]
DAC6: Reportable Cross-Border Arrangements
UPDATE – Borg Galea & Associates would like to inform our clients that an update to the DAC6 guidelines has been issued with updates to Section 6.5 and Annex 1 which are available here. In addition, a guideline in relation to the consequences of the judgement of the Court of Justice of the European Union […]
Guidance on the 2022 Annual Average of Euro Exchange Rates and Others
Guidance on the 2022 Annual Average Exchange Rates of the Euro, the Inflation Index for 2022, and the HQP threshold for 2023. UPDATE – Borg Galea & Associates would like to inform our clients that the average exchange rate for the Euro (EUR) for 2022 used by the tax department in Malta is: UK Pound […]
Clarification Re: Employment Outside Malta – 30-day period
Clarification on the taxation of income relating to employment exercised abroad – calculating the 30-day period of presence in Malta BACKGROUND – Article 56(17) of Malta’s Income Tax Act provides a potentially favourable tax rate of 15% on income derived from employment exercised outside of Malta. The reduced rate of tax applies to employment income […]
FATCA: Feedback on Reporting for Relief Given by the U.S.
Feedback on the relief for reporting on certain pre-existing accounts that are U.S. reportable accounts. UPDATE – Borg Galea & Associates would like to inform our clients that the Office of Commissioner for Revenue is seeking feedback from Reporting Malta Financial Institutions on the relief given by the U.S. on certain pre-existing accounts that are […]
Deadline Extended for Annual Notification Form
DAC6: Extension of deadline for Annual Notification Form to be submitted by non-disclosing intermediaries. UPDATE – Borg Galea & Associates would like to inform our clients that the deadline allowed for submission of the annual notification by non-disclosing intermediaries is being extended. In this regard, non-disclosing intermediaries waiving their reporting obligation under Regulation 13(7)(e) of […]
Update of the Implementing Guidelines on Automatic Exchange of Financial Account Information
UPDATE – Borg Galea & Associates would like to inform our clients that the Commissioner for Revenue informs Reporting Malta Financial Institutions that version 4.3 of the AEOI Implementing Guidelines has been published and is available here. The updates are indicated in section 1.4 and refer to section 12.2 (reporting of TIN codes in relation […]
