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Newsletter 18

 

3a Malta News
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Property tax waiver scheme partially extended

The Ministry of Finance said, as announced in the Budget, the scheme exempting those buying their first residential property from the 3.5% duty on the first €150,000 of the property value ends on June 30.

However, following requests from notaries, while the deadline for the promises of sale to be signed will remain June 30, 2015, the deadline for the registration of the final deeds is being extended by three months until September 30.

"In view of the successful uptake of this scheme, the Ministry of Finance has been approached by various stakeholders who have requested this partial extension.  The Ministry has considered the request as reasonable.  This partial extension will help avoid undue pressure on notaries' offices during the last week prior to the deadline."

"The scheme has been a huge success in helping young people buy their first home, and has given a much-needed stimulus to the property market and the economy," the ministry said.
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Personal Retirement Scheme Rules 2015 

Legal notice 117 of 2015 has been recently introduced covering Amendments to the Personal Retired Scheme Rules issued in 2015.  In summary these
rules provide for a tax credit with respect to any personal retirement scheme or policy of insurance.

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Extension of Remission Scheme of interest and 
penalties with respect to VAT

Legal notice 75 of 2015 was recently published, which extends the scope of the Remission of Interest Rules of 2014 to cover remission of Administrative
Penalties as well. 

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Deadlines for June:

  • VAT returns for the period March to May 2015 submitted by the 15th 
  • Payment of settlement tax for companies with financial year ending 30th September 2014 (YA 2015) by 30th June
  • Form TA-24 15% of Rents derived from Residential Lets Form and payment of tax for year ending December 2014 for Body of Persons, Companies and Individuals by 30th June
  • TA37 Income Tax Return & Self Assessment for Body of Persons for year ending 31 December 2014 (YA 2015) by 30th June
  • Manual filing of TA2 Income Tax Return & Self Assessment for companies with financial year ending 30th September 2014 (YA 2015) by 30th June
  • Electronic filing of TA2 Income Tax Return & Self Assessment for companies with financial year ending 31st July 2014 (YA 2015) by 30th June
  • FS5 Payer's Monthly Payment Advice and remittance of tax and social security contributions withheld during May 2015 by 30th June
  • Form TA-22 Part Time Self Employed Form and payment for year ending December 2014 by 30th June
  • Payment of settlement tax of Income Tax Return & Self Assessment for Body of Persons, Individuals and Entities for year ending 31 December 2014 (YA 2015) by 30th June
  • Income Tax Return & Self Assessment for year ending 31 December 2014 (YA 2015) by 30th June
  • Form TA-24A Payment of Tax on Rents from Residential Lets Form and payment of tax by 30th June
  • TA5 Income Tax Return for Partnerships for year ending 31 December 2014 (YA 2015) by 30th June
  • TA36 Income Tax Return & Self Assessment for entities for year ending 31 December 2014 (YA 2015) by 30th June.
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FOCUS ON A SERVICE
This section of our newsletter is providing you with a synopsis of some of our services.

Fiduciary Service

3a offers the below list of services related to fiduciary:
  • Provision of Registered Office
  • Directors/Company Secretarial/Representative Duties
  • Provision of Mail Forwarding 
  • Mandate shareholders services

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3a Accountants, Level 2 Palazzo Ca' Brugnera, Valley Road, Birkirkara, BKR 9024, Malta (EU)

Phone : +356 2757 2757 | Fax : +356 2757 2758 | Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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