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COVID-19 Tax Deferral Scheme Extended

COVID-19 Tax Deferral Scheme Extended

The Commissioner for Revenue and Malta Enterprise extended the tax deferral scheme until June 2020. The tax settlement period remains to be announced.

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As announced earlier by the Minister for Finance and Financial Services, the Commissioner for Revenue and Malta Enterprise have announced the extension of the tax deferral scheme ‘for taxes owed up to and including June 2020’. The settlement period for the deferred taxes remains to be announced.

[Previously, eligible taxes (excluding Vat) were to be settled in four equal monthly instalments in the four month period between May and August 2020. VAT falling due in the period covered in terms of the scheme were to be settled in two equal instalments with the two quarterly returns immediately following the quarter whose dues would have been deferred. Taxpayers not having quarterly periods were to settle the VAT due in the period covered in two equal instalments as follows: (i) for VAT due in March 2020, by 15 June 2020 and 15 September 2020; (ii) for VAT due in April 2020, by 15 July 2020 and 15 October 2020.]

Should you have any queries or wish to discuss further, please send an email to covid@kpmg.com.mt.

COVID-19 Tax Deferral Scheme Extended

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

© 2020 KPMG, a Malta civil partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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