COVID-19 | Tax Deferral Application

March 21, 2020 | 2 minute read

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Please be informed that the application for the tax deferral measure is now available online through the Malta Enterprise portal.

Also, note that it is now clarified through such application form that the eligible taxes are Provisional tax, Employee taxes, maternity fund payments and social security contributions, social security contributions of self-employed persons and Value Added Tax falling due in March and April 2020.

By when the unpaid amount has to be settled?

Eligible taxes (excluding VAT) are to be settled in four equal monthly instalments between May and August 2020.

VAT dues are to be settled in two equal instalments with the two quarterly returns immediately following the quarter whose dues would have been deferred.

Who can apply?

Companies and self-employed persons that suffer a significant downturn in their turnover as a result of the economic constraints arising from the coronavirus pandemic and, as a result, face substantial cash flow difficulties as identified in the online application form.

Companies and self-employed persons not adversely hit are advised and encouraged not to avail themselves of this scheme. Ideally, eligible taxes should continue to be paid every month and on time because that would be for good business management.

Who is specifically excluded?

Companies and self-employed persons which have failed to comply with their tax obligations (submission of documents/returns and payments) falling due by the 31st December 2019.

The benefit granted under this scheme shall not remove the obligation of beneficiaries to submit documents and returns by the due date as required by law.
 

Deadline for submission is the 15th April 2020.

 

How can we assist?

Please do not hesitate to contact us should you require any assistance in relation to this measure.

Get in touch with us through email on tax@nexiabt.com to clarify any aspect of this measure or the other measures and incentives like the Teleworking Grant Scheme or the Malta Financial Aid Package.

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