Tax
UPDATE - Borg Galea & Associates would like to inform our clients that, by default, the VAT rate for the importation of bank notes that are classified under CN code 49070030 is 5%.
However, where the importation of bank notes constitutes a financial transaction concerning banknotes in circulation used as legal tender, exemption from import VAT would apply.
For more information, kindly contact us on: +356 27037012
Our team advises international businesses on compliance and corporate services in Malta. Arrange a free consultation to discuss your specific situation.
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Andrew Fenech
Business Development Manager
In practice, it is common for landlords to recharge tenants for expenses such as water, electricity, cleaning, and maintenance. These recharges often accompany rental payments and may appear straightforward, but their VAT treatment can differ significantly depending on how they are structured.
Company officers must remain vigilant of their obligation to register for VAT purposes in Malta, along with submitting their periodic VAT returns on time to remain compliant with the statutory requirements, keep their company in good standing and avoid the imposition of the applicable penalties.
UPDATE - In the case of a married couple who are living together, any of the spouses may elect to submit a separate tax return if both spouses earn qualifying income or where the couple has a separation of assets agreement in place. The application for such an election is done online through the e-I
