Tax & VAT News
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Tax & VAT News
Latest news relating to Tax and VAT in Malta. Click below and contact us if you need any additional information.
The Research and Development Scheme
On the 23 January 2024, Malta Enterprise published a new set of guidelines for the Research and Development Scheme with the aim to support industry in undertaking Industrial Research and Experimental Development activities (R&D).
The Start-up Finance Scheme
On the 23 January 2024, Malta Enterprise published a new set of guidelines for The Start-up Finance Scheme, which scheme aims to support Small Start-up Undertakings that demonstrate a viable business concept and show commitment to expand and further develop their economic activity. This measure will be open until 30 September 2026.
Digitalise Your Business Grant
The Digitalise Your Business Grant scheme has been introduced as from 1 January 2024. This incentive seeks to assist enterprises through non-repayable Grants to part-finance investment to digitalise their operations, and hence improve their resilience, efficiency, productivity and customer experience by addressing new digital capabilities and digitalised processes such as product and process design and engineering, end-to-end procurement, supply chain/distribution and after sales.
INVEST – Support for Initial Investment Projects
On the 22 January 2024, Malta Enterprise published a new set of guidelines for the INVEST (Support for Initial Investment Projects) Scheme, which measure will be open until 30 September 2026.
Tax Deduction Claims to be taken for the basis year 2023
Deductions in Respect of Intellectual Property and Intellectual Property Rights
On the 28 December the Commissioner for Tax and Customs has announced an accelerated rate of depreciation when it comes to capital expenditure incurred on Intellectual Property or Intellectual Property rights which are used and employed in producing income.
The Nomad Residence Permits (Income Tax) Rules
The Nomad Residence Permits (Income Tax) Rules have been published on 7 December 2023. Through these rules Third Country nationals who are in possession of a valid nomad residence permit shall qualify for a reduced income tax rate of 10% of their chargeable income derived from “authorised work”.
The new CBAM obligations for importers
As from this week (1st October 2023) we have seen the start of the first reporting period of the new obligation for importers under the Carbon Border Adjustment Mechanism (CBAM). This would affect importers of cement, fertilizers, aluminium, iron, steel, hydrogen and electricity.
7.5% Tax Rate for creative practitioners
An optional flat rate of 7.5% is available on the first €50,000 arising from artistic activities conducted on a self-employed basis.
Reporting Obligation for importers of carbon intensive goods – applicable as from 1st October 2023
The EU’s Carbon Border Adjustment Mechanism (CBAM) is an EU regulation entering into force in Malta as from the 1st October 2023 and applicable to importers of goods whose production is carbon intensive and at most significant risk of carbon leakage: cement, iron and steel, aluminium, fertilisers, electricity and hydrogen.