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COVID-19 Tax Deferral – Settlement date

COVID-19 Tax Deferral – Settlement date

According to the updated Revenue notice, tax deferred under the COVID-19 Tax Deferral scheme is to be settled by 31 October 2020.

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On 25 May the Revenue updated the notice related to the COVID-19 Tax Deferral scheme with a period for the settlement of the deferred tax. Such deferred tax is to be settled by 31 October 2020.

The COVID-19 Tax Deferral scheme allowed for the deferral of taxes payable by tax compliant taxpayers who suffered a ‘significant downturn in their turnover’ due to the COVID-19 pandemic. The taxes covered are provisional taxes, employee taxes, maternity fund payments, social security contributions and value added tax that fell or fall due in March, April, May or June 2020. Application for the deferral of taxes are now closed. It is understood that the updated settlement period applies to all taxes deferred as aforesaid.

For those taxpayers who were not eligible for the COVID-19 Tax Deferral scheme or did not apply for the scheme and had provisional tax to pay in April 2020, they can avail themselves of the extension of the provisional tax payment deadline by 31 May 2020.

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

COVID-19 Tax Deferral – Settlement date

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, a Swiss cooperative. 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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