Deferral Payment of Taxes
The aim of this deferral is to improve business liquidity by easing pressures on cash flow arising from the current economic impact.
- Businesses and self-employed persons who suffer a significant decline in their turnover and as a result face substantial cash flow difficulties
- Companies and self-employed persons not adversely hit are advised and encouraged not to avail themselves of this scheme for good continuation.
Companies and self-employed persons who have failed to comply with their tax obligations (submission of documents / returns and payments) falling due by 31st December 2019
Provisional tax Employee taxes
Maternity fund payments Social security contributions of employees &
Value Added Tax the self-employed
which fall due in March and April 2020.
- Eligible taxes (excluding VAT) to be settled in four equal monthly instalments in the four month period between May and August 2020
- VAT dues to be settled in two equal instalments with the two quarterly returns immediately following the quarter whose dues would have been deferred
- No interest or penalties to be charged in respect of eligible taxes that would have been deferred in terms of this scheme
- All tax forms should be submitted according to normal deadlines.
- Enterprises will still collect National Insurance on their employees’ wages, but will keep these dues for the duration of the deferral
- The benefit granted under this scheme shall not remove the obligation of beneficiaries to submit documents and returns by the due date as required by law
An application form which is available on covid19.maltaenterprise.com is to be submitted online.
Deadline for this scheme is 15th April 2020.