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 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.
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.
ESG Grant Scheme
On 5 September 2023 Malta Enterprise launched the ESG Grant Scheme. This grant scheme is in place to facilitate the review of Environmental, Social and Corporate Governance Practices.
VAT refunds through Directive 2008/9/EC
In terms of the Directive 2008/9/EC, a taxable person established in Malta can claim a refund of EU VAT suffered in another Member State under the 8th Directive refund system.