[ Offshore Tax ] Are there expected changes in corporate taxes in Malta?

[ Offshore Tax ] Are there expected changes in corporate taxes in Malta?

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A company incorporated in Malta is considered as both domiciled and resident in Malta. Thus, it is consequently taxable on a worldwide basis. A non-Maltese incorporated company resident in Malta through management and control is subject to Maltese tax on income arising in Malta and on income received in/remitted to Malta.
Companies are subject to income tax at a flat rate of 35%. There is no corporate tax structure separate from income tax.

TIMESTAMPS:
0:00 INTRO
0:10 Corporate taxation in Malta in general
0:58 Malta is currently changing in legislation
2:39 Tips to prevent any issues in Malta
4:17 Fiscal consolidation regime in Malta
5:12 OUTRO

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DERREN JOSEPH:
Can you talk about what you know about the direction, I know this, this is always an unfair question, but still, you know, given the general political sentiment, what are your thoughts as to where corporate taxation is evolving, generally speaking?

DAVID BORG:
Million dollar question, so I think you and I have had the opportunity earlier to discuss my personal views and my personal views are that maybe it is about time that Malta replaces its tax, which can, can trace its, it, it's best to an ordinance in 1949, if I'm not mistaken, the Minister for Finance actually recently came out publicly and said that Malta is actually considering changing its current legislation. Quite likely, I would imagine they would remove the tax refund mechanism and come up with something which is maybe a little bit more simple and straightforward. We do not have any information about what this would look like. There was a lot of speculation at the time that they did come out with this and I think it was also a reaction to, and a lot of pronouncements even at the EU level about anti-tax avoidance. However, it does not seem to have anything, nothing has been published on this, to this point. Our thinking is that there will be a reduction in the overall corporate tax rate and I think that that is where it'll stand. But again, this is speculation from our end and I think the minister has recently said that kind everything has been put on hold cause of what's going on in the global economic scenario. So therefore it's not the opportune time to create any major changes at this point in time.

DERREN JOSEPH:
Okay. So that kinda touches on another, another of the person's subquestions. So it's, it's gonna change, but then everything does change. Nothing stays the same, but in terms of predicting when, that's gonna be tough right now. So for the foreseeable future at least it'll be what it will be. So the stability in the near term and someone, so this person's asking, so any tips for working within the existing system to ensure that the rebate is processed quickly and efficiently? What tips and tricks that someone needs to keep in mind to prevent any issues?

DAVID BORG:
Yes. So under are income tax management tax, I think the tax stories are bound to issue the refund within 45-day periods from the application being submitted. However, over the past 3, 4, and 5 years, this has not been maintained.



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