Last week, the 2012 Malta Budget was approved by Parliament and the Budget Measures Implementation Act (V of 2012) was published in today's Governement Gazette. The following is a summary of the salient income tax features:

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This legal notice (LN) is implementing in Maltese law the provisions of EC Directive 2010/24/EU relating with the mutual assistance for the recovery of claims relating to taxes, duties, and other measures.

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The Common Consolidated Corporate Tax Base (CCCTB) is basically a proposal by the European Commission (EC), first issued on 16th March 2011, whereby all European Union (EU) Member states would give companies a single set of rules for calculating their taxable profits and the ultimate tax base.

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This Legal notice gives legal effect to the new Social Security rates in Malta for 2012, with reotractive effect as from 2nd January 2012. The rates are as follows:  

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This LN amends LN171 of 2010, by introducing an important increase in the amount of expenditure deductible by a qualifying person in terms of the said rules.

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In essence, this Legal Notice (LN) is extending the provisions of the VAT amnesty launched by the government in 2011. This LN shall be deemed to have come into force as from 16th March 2011, and summarily provides for the following:

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