Malta: Temporary reduced tax and duty rates on immovable property extended until June 2023 (COVID-19)
Temporary measure providing for a reduced tax and duty rates on transfers of immovable property has been limitedly extended by nine months
Temporary reduced tax and duty rates on immovable property extended until June 2023
The temporary measure providing for a reduced tax and duty rates on transfers of immovable property—provided as tax relief in response to the coronavirus (COVID-19) pandemic—has been limitedly extended by nine months, until the end of June 2023 (formerly September 2022). For prior coverage, read TaxNewsFlash
The temporary measure provides for a reduced tax and duty rates of 5% and 1.5%, respectively, on the first €400,000 of immovable property transferred inter vivos.
The extension is effective pursuant to the publication of Legal Notices 224 and 225 of 2022.
The benefit applies provided that a promise of sale was entered into by 31 December 2021 and the notice of final deed reaches the Commissioner for Revenue by 31 July 2023.
Read a September 2022 report prepared by the KPMG member firm in Malta
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. 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. 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 endeavor 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. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.