By virtue of Legal Notice 295 of 2015, the rate of interest for late payment of income tax has been reduced from 0.75% per month to 0.54% per month or part thereof with effect from the 1st day of January 2016. The interest is calculated on the unpaid tax, starting from the date on which the tax should have been settled for each calendar month or part thereof during which such tax remains unpaid. The total interest charged cannot exceed the amount of the unpaid tax.
Lower rate of interest for late payment of income tax
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 +356 21378672 or send us an email on [email protected].