Fiscal Unit Tax Payment and Registration Deadlines

The Commissioner for Revenue has notified that the tax payment deadline of eighteen months following the end of the accounting period, applicable to companies in possession of a determination under the relevant paragraphs of Article 47 of the Duty on Documents and Transfers Act, shall for Year of Assessment 2020 apply also with respect to […]

Written By Stephen Balzan

On August 20, 2020
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The Commissioner for Revenue has notified that the tax payment deadline of eighteen months following the end of the accounting period, applicable to companies in possession of a determination under the relevant paragraphs of Article 47 of the Duty on Documents and Transfers Act, shall for Year of Assessment 2020 apply also with respect to tax payable by a fiscal unit on its chargeable income provided that all members of the fiscal unit are either in possession of such determination or non-resident companies not liable to tax in Malta. 
 
With respect to fiscal units not entitled to the eighteen-month extension as per above, the deadline for the payment of settlement tax with respect to Year of Assessment 2020 is being extended by 2 months from 30 September 2020 to 30 November 2020. 
 
For the avoidance of doubt, tax payable on chargeable income allocated to the foreign income account of the principal taxpayer shall in any case become due within eighteen months after the end of the accounting period.
 
The Commissioner for Revenue is also notifying that the deadline for applying for fiscal unity in respect of the Year of Assessment 2020 is being extended from 31 August 2020 [as communicated in the Guidelines in relation to the Consolidated Group (Income Tax) Rules] to 30 September 2020.

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax 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 00356 21378672 or send us an email on [email protected].