Reduction in Social Security Contributions for Farmers and Breeders
A measure announced during the Budget Speech for 2011in respect of full-time farmers and breeders concerning reduction in the social security contributions was finally made legal through Legal Notice 455 of 2011. The essence of the measure consists of a reduction in the rate of social security contributions payable by farmers and breeders down to 12% from 15%. The legal notice is effective from 3 January 2011. This means that in the calculation of the final installment (September - December 2011) of social security contributions payable by farmers and breeders, there has to be an adjustment for any over payment of social security contributions made during the year.
For more information, kindly contact:
Christian Vella - Tax Director