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Malta

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About

Malta

Capital
Official languages
Population 
Currency

ISO 4217

Valletta

Maltese and English

441,543 (as of July 2020)

Euro

EUR

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Economy

Malta has a strong and growing economy, with a GDP of $14.3 billion in 2019. This is a 4.2% increase from 2018, making it one of the fastest growing economies in the European Union. The country has a low unemployment rate of 4.2%, and a high employment rate of 72.2%. The country also has a low inflation rate of 1.2%, and a high GDP per capita of $32,845. The country has a strong banking sector, with a total banking assets of $25.3 billion in 2019. The country also has a strong tourism sector, with over 2.7 million tourists visiting in 2019. Malta also has a strong manufacturing sector, with exports of $2.3 billion in 2019. Overall, Malta has a strong and growing economy, with a GDP growth rate of 4.2% in 2019.

Taxation

Taxation in Malta includes both corporate and personal taxes. Here is an overview of the taxation system in Malta:


Corporate Taxation:

- Companies registered in Malta are subject to a corporate income tax rate of 35% on their worldwide income, but certain exemptions and deductions may apply.

- A full imputation system is in place, meaning that shareholders receiving dividends are entitled to a tax credit for the corporate tax already paid by the company on the profits out of which the dividends are paid. This results in a reduced effective tax rate for shareholders.

- Corporate tax returns must be filed annually, within 9 months from the end of the company's financial year.

- The payment of corporate income tax is due in two equal installments: the first installment by April 30 and the second installment by December 31 of the tax year.


Personal Taxation:

- Residents of Malta are subject to a personal income tax rate ranging from 0% to 35%, depending on their income level.

- Non-residents are only subject to tax on their Malta-sourced income.

- Personal income tax returns must be filed annually, by June 30 of the year following the tax year.

- Personal income tax payments are generally made through monthly withholding by employers or quarterly advance payments by self-employed individuals.


Value Added Tax (VAT):

- The standard rate of VAT in Malta is 18%, with reduced rates of 7% and 5% applicable to certain goods and services.

- VAT returns must be filed every three months, by the end of the month following the end of the VAT period.


Tax Payment Process:

- Taxpayers in Malta can make tax payments through banks or online payment systems.

- Taxpayers must file their tax returns and make their tax payments by the deadlines mentioned above.

- The Maltese tax authorities may conduct audits to ensure compliance with tax laws.


In summary, companies in Malta are subject to a corporate income tax rate of 35%, but certain exemptions and deductions may apply. Residents of Malta are subject to a personal income tax rate ranging from 0% to 35%, and non-residents are only subject to tax on their Malta-sourced income. VAT is also imposed at a standard rate of 18%, with reduced rates applicable to certain goods and services. Taxpayers must file their tax returns and make their tax payments by specific deadlines, and audits may be conducted to ensure compliance with tax laws.

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