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BCMS Limited
'Coral'
243/1 Constitution Street
Mosta, MST 9052
MALTA

T: +356 2142-1111
M: +356 9947-5566
F: +356 2141-7118
E: rkg@bcmsltd.com

Consolidated Income Tax for Group of Companies

By virtue of LN 110 of 2019, the Maltese income tax system introduces the consolidation of income tax returns of the parent and its subsidiaries.

Subject to certain conditions being met, a parent and its subsidiaries will become one “Fiscal Unit” for income tax purposes and file only a single tax return with the […]

Personal tax returns are due by 30 Jun 2019

All personal taxpayers in receipt of any income (falling outside the Final Settlement System FSS) during the calendar year 2018 will need to submit their tax returns and pay the underlying tax due by not later than 30 June 2019.

The same deadline also applies to those who opted out of the 15% tax […]

15% tax on rental and part time income- New deadline!!

If you had rental income on residential dwellings or earned income eligible under the part time rules during 2018 please be advised that the Commissioner for Revenue has brought forward the deadline for submission of the necessary form and payment of tax at 15% from 30 Jun to 30 April 2019.

 

In the case […]

VAT Update on “hard Brexit” scenario

The United Kingdom has issued guidelines on the VAT treatment of the exchange of goods and services between the UK and the rest of the EU if politicians do not broker a deal for Brexit (hard Brexit).

In the case of a “hard Brexit” the UK has clarified that it intends to retain the […]

Amendments to thresholds for small undertakings (VAT)

Legal Notice 163 of 2018 was enacted on 22 May 2018 and brought about another measure announced in the last Budget speech amending the thresholds for a business to qualify as a small undertaking. Below are the revised thresholds.

These thresholds will apply between 1 Jul 2018 until 31 December 2020 (unless renewed further) […]

Personal tax returns are due by 30 Jun 2018

All personal taxpayers in receipt of any income (falling outside the Final Settlement System FSS) during the calendar year 2017 will need to submit their tax returns and pay the underlying tax due by not later than 30 June 2018.

The same deadline also applies to taking advantage of the 15% tax on any […]

Family Business Transfer of Ownership

Introduction on Family BusinessTransfer of Ownership Incentive

The purpose of the incentive is to assist and facilitate family businesses to transfer their business from one generation to the next by providing benefits including governance and fiscal benefits for the better management and organisation within the family and the business.

Duration of the incentive

This […]

Reduced stamp duty on donations of business properties and marketable securities

By virtue of LN 131 of 2017 a special reduced rate of stamp duty shall apply on donations of shares in a company as well as commercial property subject to certain conditions.

The standard rate of stamp duty in such cases is 2% on the value of the shares or 5% if the company […]

‘Micro Invest’ Tax Credits for Companies

Eligible companies may apply for Micro Invest Tax Credits on investments made during 2016 until 31 May 2017 at 1600hrs.

These tax credits are aimed at micro businesses. Related or “linked” enterprises with common shareholders or voting rights are therefore seen as a “single undertaking” for the purposes of eligibility. For avoidance of doubt this […]

Principal Fiscal Measures for 2017 announced in Budget Speech

The post below is not meant to be a comprehensive summary of the budget measures but rather a highlight of what we think are the main fiscal measures likely to influence sole traders and small businesses.

We have kept it short in line with our objectives of making it more readable for small business […]