Malta income tax rates

No, really... it does!
But does it matter more in Malta than at home?

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Postby stevedevereux » Mon 23 Apr 2012 11:05

Hi folks, thanks for the forum, just joined. I'm in the same position as Harry, I work overseas, can live where I choose, investigating a move to Malta. I understand only income remitted to Malta is taxable, remaining income not. Can you recommend an accountant I could use to assist with the process and make sure no blunders made?

Many thanks, Steve Devereux.
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Postby gozomark » Mon 23 Apr 2012 11:30

Hi Steve - yes, there is a very good accountant used by several on the forum, including me - as per my answer to the banks, its included in the recommended suppliers forum
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Postby Nadim » Fri 11 May 2012 07:59

Hello all,

I am planning of moving out to Malta in the next 4 to 6 weeks, & I have been trying to calculate what my income tax would. I thought

I would find some kind of calculate online, after spending about a day looking around I decided to build my own.

You can download it from [Link removed by Site Admin - Dave]

It’s free & easy to use (Excel 2007 format).

Can anyone recommend a good car hire company? I need a hire car for about 2 to 3 months until I get my own. I am looking for something cheap and reliable.

Thanks
Nadim
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Postby Dave » Fri 11 May 2012 09:15

Nadim, thanks for your offer. However, we don't allow people to post links in most circumstances - as the Posting Guidelines make clear - so I've removed yours.

As for your question, I'm afraid a) it's off-topic, and b) we don't allow company recommendations on the public boards. However, there are several car hire companies listed on our Recommended Suppliers board, available to Premium subscribers for £25 a year (half of which goes to Gozo SPCA), and which lists a whole range of suppliers of goods from accountants to Xmas decorations.
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Postby gozomark » Fri 11 May 2012 11:29

ps there is an income tax calculator on the Inland Revenue's website
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Postby zoli » Wed 07 Nov 2012 14:14

gozomark wrote:ps there is an income tax calculator on the Inland Revenue's website


Hi Gozomark,
I feel silly, but I cannot find it on the IR site at all :(
Can you give some hint where to find it? I am not logged in to that site, hope that's not a problem.
Thanks
Zoli
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Postby gozomark » Wed 07 Nov 2012 14:53

mmm, wasn't where I saw it before :-(

can only see the tax rates
http://www.ird.gov.mt/services/taxrates.aspx
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Postby zoli » Wed 07 Nov 2012 15:25

Thank you, I just wanted to reply I found everything I needed here:
http://britishexpat.com/expatforum/malt ... hp?t=23479
I was just confused by the "deduct" coloumn, but now it's clear.
Thx
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Postby gozomark » Wed 07 Nov 2012 15:27

yep, that deduct column confuses a lot of people (incl me first time round :-)
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starting work and pay-as-you earn tax issues

Postby Greenknight » Tue 13 Nov 2012 14:43

Hi,

I've a job offer in Malta, with a Maltese organisation.

They tell me that for the first 6 months, as a single man, I pay 20% tax. After I make Ordinary Residency, I get down to the relevant 15%.

Now, the question I fired back (and is as yet unanswered) is this:- "But if I can apply for OR after 3 months, can't my tax be lowered earlier, and not have to pay 20% for 6 months?"

Can anyone answer this? Is it the Maltese IR rule hasn't caught up with the latest residency rules? Or is it that it takes, say, 3 months for OR to be processed after application upon 3 months served, so allows for this to complete before the reduced 15% applies?

Also, I take it that OR has to be accepted and acknowledged to get the 15% rate, not just applied for?

Help!
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Postby gozomark » Tue 13 Nov 2012 15:14

it should all be sorted out when you fill in your year end tax return - I'm guessing the 20% is the emergency tax rate, to make sure you pay sufficient tax, and then get a refund. When are you likely to start your job ? Is it a company used to employing foreigners ?

to work you need to be a resident, so you don't have to wait for the 3 months are up, you can apply immediately you arrive - you will then be able to get a social security number, and everything should be fine.
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Postby Greenknight » Tue 13 Nov 2012 20:17

Woah... this is all new- not a whiff of this anywhere...

An employed individual has to file tax returns? It's not straight PAYE then, and your employer does it? Crikey, how is a non-maltese to know the ins and outs of their tax allowances and the like?

Also, I can apply for OR immediatly on getting into a rented property and getting an offer of employment? No waiting 3 monts? I'm now more and more confused, as I never caught on to that anywhere on this whole site, and there's a heap of threads on OR!
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Postby gozomark » Tue 13 Nov 2012 20:37

tax allowances - there are almost none, other than the tax free allowances (first X of income tax free, next Y of income 15% etc) - the tax code is very simple in Malta - I believe its PAYE, but you have to fill in a tax return as well if you have any other income or you believe the amount of tax paid is wrong, or if they request you fill one in. I use an accountant (listed in the recommended suppliers forum) to do mine, but I'm not in employment and living off savings/investments, so more complicated.

OR - you have to apply after 3 months, but you can apply before, and if taking employment you are supposed to apply immediately, but as residency and employment are different departments, they don't seem to connect up in practice. What that means in reality is that there are foreigners living and working in Malta for years, blissfully unaware they have to by law register their residency, and get a residency certificate.
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Postby SteveGill » Tue 13 Nov 2012 21:30

Greenknight wrote: Crikey, how is a non-maltese to know the ins and outs of their tax allowances and the like?

Filing your maltese tax return online takes only a few minutes, a few simple questions and you're done. Its really easy, 100 times better than the UK tax return.
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Postby Greenknight » Tue 13 Nov 2012 21:31

Superb stuff again Gozomark. You're a diamond.
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