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Malta Fiscal Changes in the 2015 Budget

Malta Announces series of fiscal changes in the 2015 Budget

The Minister responsible for Finance has delivered the 2015 Budget Speech, and delivered a series of changes to the individual tax rate and taxation of property transfers. As of 1st January 2015, a final withholding tax systems shall apply to all taxpayers – irrespective of whether they are body corporates or individuals, following a transfer of property. The final withholding tax of 8% shall be levied on the property’s value (down from the previous 12% withholding tax)m subject to the following:

  • A final withholding rate of 5% on the property’s value shall apply to transfer of properties effected by individuals who do not habitually deal in property (in other words not speculators) insofar that the subject property is transferred not later than 5% from date of acquisition; and
  • A final withholding tax of 10% calculated on the property’s value shall apply to properties acquired prior to 1st January 2004.

In terms of taxation of individuals, the trend of progressive reduction in the personal taxation has been maintained – with the final taxation for individuals earning less than EUR 60,000 annually reaching the set target of 25% (down from 35% from the 2012 rate). Dividend income remains taxable at 35%. With regard to measures targeting employers and businesses, there has been a 25% reduction in utility rates for commercial premises, and a progressive phasing down of the eco-tax on a number of products, with the eco-contribution being subject to a progressive overhaul in the third quarter of 2015. Start-ups, may depending on their size and investment, be subject to a series of tax credits- of up to EUR 250,000 per year. The following measures are aimed at improving the country’s competitiveness whilst seeking to attract foreign direct investment that can further incentivize job creation.

To read more about Malta Tax Advantages follow this link.

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