CLOSE
CLOSE

SEARCH ANYTHING

CLOSE

SEARCHING

Press Release (PR220596) of the Ministry for Finance and Employment: Payment of taxes which were eligible in terms of the Tax Deferral Scheme

24.5.22

In 2020, the Government of Malta introduced a Tax Deferral Scheme (“Scheme”) to assist businesses which were suffering from liquidity issues due to Covid-19. The Scheme deferred the payment of certain eligible tax payments, thus easing pressures on businesses’ cash flow.

 

Eligible taxes included provisional tax, social security contributions of self-employed persons, and VAT which fell due between August 2020, up to and including December 2021. As part of the scheme, no interest or penalties were charged with respect to such eligible taxes that were deferred.

 

The Commissioner for Revenue has now announced that the beneficiaries of the Scheme may pay the deferred taxes in monthly instalments over a 30-month period, commencing on June 2022 and ending December 2024. During such period, interest on the deferred taxes shall not be charged.

 

If any of the beneficiaries of the Scheme do not complete the payments covering the tax due by the December 2024 deadlines, such beneficiaries may lose the benefits provided in terms of the Scheme and the interest shall once again become payable on the amount of tax still outstanding.

 

For further information on the above and with respect to Malta’s fiscal regime and doing business in Malta, please contact Dr. Rosanne Bonnici, Head of the Tax & Immigration Law Department, at Fenech & Fenech Advocates, by telephone (+356 2124 1232) or email (rosanne.bonnici@fenechlaw.com).

 

©Fenech & Fenech Advocates

Disclaimer │ The information provided on this Update does not, and is not intended to, constitute legal advice. All information, content, and materials available are for general informational purposes only.  This Update may not constitute the most up-to-date legal or other information and you are advised to seek updated advice.