New COVID-19 financial measures announced
Deloitte Malta Tax Alert
29 March 2021
The Government of Malta recently announced a number of measures aimed at safeguarding the financial stability of Maltese businesses during the COVID-19 pandemic.
The new measures include the following:
- An extension to the COVID-19 Guarantee Scheme moratorium from a maximum period of 12 months to 18 months. Therefore, the COVID-19 Guarantee Scheme is being extended until 30 September 2021;
- An extension to the tax deferral scheme with repayments commencing from May 2022. Following this announcement, the tax deferral scheme shall now cover eligible taxes borne by employers for periods from August 2020 up to December 2021; and
- An exemption on capital gains tax on transfers of property by businesses to settle pending tax bills as at the date of the promise of sale agreement, for promise of sale agreements entered into until March 2022.
The above details were obtained from a Press Release issued by the Department of Information (DOI) on 24 March.2021. Further updates will be provided once official announcements are made by the Commissioner for Revenue.
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