Tax & VAT News
Insights
Tax & VAT News
Latest news relating to Tax and VAT in Malta. Click below and contact us if you need any additional information.
Latest from the Court of Justice of the EU
Our Senior VAT advisor, Joseph Sammut, analyses the recent judgement by the Court of Justice of the EU, and gives his insight into these conclusions.
The Business Development Scheme
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.
The Smart & Sustainable Investment Grant
On 2 April 2024, Malta Enterprise published a new incentive to extend the Smart and Sustainability Investment Grant. The Smart and Sustainable Investment Grant provides business funding to support investments that lead to more sustainable processes which lead to the enhancement of competitiveness of the enterprise through the optimisation of the use of resources in their activities. This scheme will be available until 18th December 2026.
The Green Mobility Scheme
On the 27 March 2024, Malta Enterprise has published a new set of guidelines in relation to the newly launched Green Mobility Scheme.
Gozo transport grant
The Gozo Transport Grant Scheme aims to support manufacturing undertakings operating from Gozo by reducing the additional inter-island transport costs incurred for transporting materials, goods and finished products between Malta and Gozo.
Income from Sports Related Activities
On 28 June 2024, the income from Sports Activities Rules have been published. Through this legal notice an individual who derives employment income, consisting of emoluments received for services provided in the course of sports activity or that are directly related to a sports activity, irrespective of whether these are provided on a full-time or part-time basis, such individual has the option to tax such income at the rate of 7.5%. This tax is final and no-refund or set-off shall be granted in relation thereto.
Micro Invest Tax credits 2024 for companies
Companies are invited to apply for a tax credit calculated at a percentage of the cost of investments carried out in 2023.
Micro Invest Tax Credits for Self-Employed Individuals 2024
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 2023.
Upcoming 30 April deadlines
The Commissioner for Tax & Customs provides a reduced beneficial rate for certain types of income. There are specific forms which need to be submitted to the Malta Tax & Customs Administration together with the respective tax payment by not later than 30 April 2024.
Start-up Enhance
This incentive seeks to support Start-ups through non-repayable Grants to part-finance investments in tangible and intangible assets contributing to potentially improve the productivity of the enterprise.