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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

15% tax on rental and part time income

vat_calcIf you had rental income on residential dwellings during 2015 it might be advantageous for you to pay tax at 15% on the gross rental income rather than at the marginal tax rates that would normally apply on your annual tax return. For this purpose residential dwellings are defined as non commercial tenements consisting of a dwelling house or part thereof which is to be or is occupied as a home or residence, excluding tenements which when rented are required to be licensed in terms of the Malta Travel and Tourism Act.

In order to be eligible for this  lesser tax rate taxpayers must submit a form and pay the resulting tax by not later than 30 April 2016.  Since it is not necessarily in everyone’s interest to apply this rate it is important to contact us to evaluate if applying for this lesser rate is to your advantage.

Similarly if you earned income that is eligible under the part time rules during 2015 which would normally be subject to the 15% rate of tax (using the statutory form TA 22, the form and the payment on that income must be submitted and paid by 30 April 2016.

We can assist you on both options- If you would like to take advantage contact us without any further delay.