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Borg Galea & Associates

Tax

Guidance on the 2022 Annual Average of Euro Exchange Rates and Others

1 min read

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 Sterling | 0.85276

US Dollar | 1.0530

Canadian Dollar | 1.3695

Australian Dollar | 1.5167

Swiss Franc | 1.0047

Japanese Yen | 138.03

Chinese Yuan Renminbi | 7.0788

(Source: CBM website)

The inflation index for 2022 is 947.40 (Source: NSO website)

The Highly Qualified Persons (HQP) threshold for 2023: Income received by the professional should amount to at least EUR 75,000 adjusted annually in line with the Retail Price Index. The minimum income for the basis year 2023 must exceed the threshold of EUR 93,669.

For more information, kindly contact us at: +356 2703 7012 or send an email to hili@borggalea.com.

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