Due dates for filing of tax returns - companies & individuals

individuals

there are two different types of tax returns that may be completed by an individual, each with its own particular reporting date.

which form applies to you?

you can submit the declaration form only if you satisfy one of the following two conditions:

condition a

Your income (and that of your spouse) must derive solely from one of the following sources:-

- Emoluments, that are taxed under the fss system
- pensions, that are taxed under the fss system
- investment Income that is taxed at source
- Dividends that are paid by companies resident in malta
- benefits under the social security act
- part-time self-employment, not exceeding lm 3,000 and on which tax at 15% was paid by 15 february following the end of the calendar year.

Condition b

your income cannot exceed lm 4,000 (including income of your spouse) in the case of a joint computation or lm 3,000 (per spouse) in the case of separate computation, and

no part of your income must derive from a trade, profession, business, vocation or capital gain.

if you don't satisfy one of the above conditions, then you have to submit the income tax return and self assessment.

companies

the tax return date in the case of a company is nine months from the company's accounting date or 31 march of the following year, whichever is the later.

the following examples cover a whole calendar year and should help you identify the proper filing date for your company:

- where the filing date falls on a public holiday, the closing date is moved onto the next working day following the public holiday.

- the law contemplates penalties for late submission and interest is also charged on the outstanding tax at the rate of 1% per month.