Amendment to the Fringe Benefit Rules

By means of Legal Notice 298 of 2023, the Government of Malta has amended the fringe Benefit Rules.  This amendment to the Fringe Benefits Rules establishes the home loan interest rate, rather than the Main Refinancing Operations rate, as the benchmark rate for determining the taxable value of home loans on a permanent basis as […]

Written By Stephen Balzan

On January 30, 2024
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By means of Legal Notice 298 of 2023, the Government of Malta has amended the fringe Benefit Rules.  This amendment to the Fringe Benefits Rules establishes the home loan interest rate, rather than the Main Refinancing Operations rate, as the benchmark rate for determining the taxable value of home loans on a permanent basis as from the year of assessment 2025. The benchmark rate will be the average of the rates on loans to residents of Malta for the purchase of a house, as published in the Central Bank statistics on interest rates, over a 12-month period (October to September). The value of fringe benefits on other loans will remain the same.

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How can we help?  

 

For further information, please contact us on [email protected]. ACT can help you understand the changes to the income tax, accounting, corporate and VAT rules and how these can impact your business.   

 

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on +356 21378672 or send us an email on [email protected].