Malta Budget 2017
Deloitte Malta presents a summary and analysis of the Malta Budget 2017 speech presented to the House of Representatives by the Hon. Prof. Edward Scicluna, Minister of Finance on 17 October 2016.
The Minister has reiterated the Government’s commitment towards supporting Malta’s competitive tax framework whilst respecting the principles of transparency and exchange of information. The Minister has announced plans to introduce new measures that include tax consolidation which shall allow group companies to calculate their taxable profits/losses on a group basis.
Fight against tax evasion
To reduce tax evasion and unjust competition in business, a Joint Enforcement Task Force is being set up between the Inland Revenue, VAT and Customs Departments, assisted by the Tax Compliance Unit. The Task Force will prioritise controls and spot checks on irregular employees, undeclared property rentals as well as unjust competition resulting from illegal importation of goods.
Disclaimer: This publication reflects high level announcements made in the Budget Speech on 17 October 2016, which are typically implemented through detailed legislative amendments and tax guidelines that have yet to be published. Clients are advised to seek appropriate professional advice following the publication of such detailed amendments or guidelines and prior to implementing any actions based on the information given in this publication.
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