DConsulta

Extension of Deadline for electronic company tax returns

The Office of the Commissioner for Revenue has notified that in view of delays that the COVID-19 pandemic may be causing in the preparation and submission of company tax returns by company directors and tax practitioners, the electronic filing deadline for year of assessment 2020 tax returns in respect of companies having a 31 December 2019 accounting year-end is being further extended to 16 December 2020. This extension does not affect either the timing of the payment of tax nor the submission of manual tax returns, which are now overdue in both cases.

Fiscal Measures Package – Malta Budget 2021 Highlights

In his speech for Malta's fiscal budget 2021 Minister Scicluna announced various fiscal measures designed to incentives voluntary organisations, small businesses, and individuals alike, such as the following:
Pension Plans
The 25% tax credit of the annual contributions to private pension plans falling under the Third Pillar Pension Scheme will increase from the current €500 p.a. to €750 p.a. and to €1,500 to married couples with a single working spouse.
The same capping of €3,000 is also applicable to Voluntary Occupational Pension Schemes.
Royalties
A novel measure intended to promote literary works is the imposition of a special final tax at a rate of 15% on royalties.
VAT
The Minister announced that small businesses can now opt to be exempt from charging VAT on their sales up to €30,000 annual turnover – a substantial increase of €10,000 from current capping.
Partial Exemption on Surpluses of Voluntary Organisations
In a bold move, designed to promote the voluntary organisations sector, Government has decided that duly registered and compliant, Voluntary Organisations , would benefit from a tax exemption from income tax on their annual surpluses, if their annual income does not exceed €50,000. This measure will certainly incentivise this sector to expand.
For information on further fiscal measures we suggest you visit our blogposts on

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The Skills Development Scheme – An interesting opportunity

Malta Enterprise manages the Skills Development Scheme, which aims to support business undertakings to provide training and knowledge transfer initiatives that will support employees to acquire new skills, knowhow, and knowledge. A budget of €30m was allocated to this with a maximum grant applicable to any company of €2m. This measure is available to duly registered undertakings (including self-employed persons) that are engaged in a qualifying activity which includes, various sectors such as manufacturing, construction, financial services, education, ICT, transportation and professional services, amongst others.

The Corporation shall provide support in relation to the following costs:
o Consultancy costs for developing the training programme.
o Wage costs of trainees, covering direct contact hours during which the trainee is participating in the training.
o Wage costs of trainers, covering direct contact hours during which the trainer is delivering the training.
o Hourly costs covering direct contact hours of training service providers engaged to deliver training.
o Air Travel expenses incurred to send trainees to foreign training locations if the training is not available locally and it is more economically feasible than holding the training locally.
o Air Travel expenses incurred to bring trainers to Malta.
o Rental of Training rooms, tools, and equipment, to the extent that they are used exclusively for the training project.

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