The Commissioner for Revenue has announced that the deadline for the submission of TA22, for Part Time Self Employed persons in terms of Section 90A (7)(b) of the Income Tax Act and TA24, for the taxation of Rental Income in terms of Article 31D of the Income Tax Act has been changed to 30th April 2019.
In this regard, the
A taxpayer working as self-employed on a part-time basis may qualify for the 15% flat tax rate on the declared net profit up to a maximum of €12,000 (maximum tax charged at 15% = €1,800). If eligible the taxpayer is to submit a TA22 Form and make the necessary payment annually by the 30th June of the following year. Only the remainder of the net profit in excess of €12,000 is to be declared by the taxpayer in the personal income tax return.
The TA24 Form for residential income received up to 31st December 2015 is to be used by persons who are opting to pay the flat rate tax of 15% on rental income from tenements leased to individual/s as a residence or garage. No deductions of expenses and maintenance costs are permitted.
Why choose Nexia BT?
Established by Brian Tonna, managing partner, Nexia BT is a corporate and private client advisory, audit, accounting and tax firm. Our clients are local and international financial and other institutions, SMEs, high-net-worth-individuals, the public sector and high-end organisations.
As a reputable organisation of over 25 years standing and forming part of a worldwide network of independent business advisors, consultants, auditors and accounting firms present in over 115 countries, we are optimally positioned to offer global expertise.
Along these years, we have built client loyalty around a credible reputation for delivering results whilst working to the highest professional standards.
Nexia BT’s strength lies in the technically competent staff with experience across a varied range of industry sectors. We deliver solutions to our clients through a high calibre customised service reflected in the professional work approach and ethics of our staff and driven by our ethos ’Closer to you’. With the backing of this business approach, we confidently present you Nexia BT as your trustworthy, dependable and reliable partner in Malta.