Author: Jade Micallef, Senior Tax Accountant
Date: 8th April 2021
The Maltese Tax Authorities notified the extension of the tax deferral scheme, the objective of which is to improve the business liquidity emanating from the economic impact of the Covid-19 pandemic.
The updated notification provides that settlement of eligible taxes (provisional tax, social security contributions of self-employed persons and VAT) will start to apply from May 2022.
The Tax Deferral Scheme applies to companies and self-employed businesses which suffered a significant downturn in turnover as defined in the Revenue notification.
The deadline for the submission of the application is 15th May 2021. Companies and self- employed persons that had already applied for deferment of eligible taxes for March 2020 to August 2020 do not need to re-apply as they will automatically be considered for the extended period till December 2021.
Should you have any questions or require our assistance with the application, do not hesitate to get in touch with us on firstname.lastname@example.org