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Malta Tax Year

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Malta Tax Year

Postby svale » Sun 23 Aug 2015 11:07 GMT

When exactly is the Malta Tax Year? Is it the same as the UK (April to February) or something different. We are thinking of moving to Malta in December so I'd like to know

Sandra
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Re: Malta Tax Year

Postby ozzy » Mon 24 Aug 2015 05:25 GMT

Malta tax year starts on Jan 1st
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Re: Malta Tax Year

Postby gozomark » Tue 29 Sep 2015 10:20 GMT

Ozzy is correct - in the year you move, you get tax free allowance in both countries :-)

you only have to fill in a tax return in Malta if you are here for more than half the tax year.
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Re: Malta Tax Year

Postby ozzy » Wed 30 Sep 2015 09:22 GMT

You still have to file a tax return in Gozo ..even if your income is Zero .. otherwise you get a 50 euro fine

They will fill in the form for you at the tax office while you wait ... 5 min job :)
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Re: Malta Tax Year

Postby gozomark » Wed 30 Sep 2015 09:32 GMT

ozzy wrote:You still have to file a tax return in Gozo ..even if your income is Zero .. otherwise you get a 50 euro fine

They will fill in the form for you at the tax office while you wait ... 5 min job :)


but only if you are resident for over 6 months in the year - I think thats still the case - it used to be the first question they would ask if you went in person :-)
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Re: Malta Tax Year

Postby ozzy » Wed 30 Sep 2015 09:50 GMT

I was under that impression .. I moved here in Oct 2013 and still had ti file a tax return .. hence they fined me the 50 euro's for not sending one in for the 3 months .. i didn't get my ID card un till 2014 .. i The Gozo tax office filled in both forms for me at the same time ... 2013 & 2014
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Re: Malta Tax Year

Postby gozomark » Wed 30 Sep 2015 10:16 GMT

wow, they've really tightened up on that, very surprised, esp as hadnt received ID card
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Re: Malta Tax Year

Postby ozzy » Thu 1 Oct 2015 11:37 GMT

Didn't even have a bank acc here in 2013 so Zero income .. just lived off cash i brought with me and then money out of the machine till FEB 2014
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Re: Malta Tax Year

Postby FOXGLOVE » Mon 5 Oct 2015 14:39 GMT

ozzy wrote:Didn't even have a bank acc here in 2013 so Zero income .. just lived off cash i brought with me and then money out of the machine till FEB 2014


As far as I am aware the money you brought with you and drew from ATM's is all 'Monies remmitted to Malta' and therefore liable to tax.

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Re: Malta Tax Year

Postby gozomark » Mon 5 Oct 2015 14:58 GMT

FOXGLOVE wrote:
ozzy wrote:Didn't even have a bank acc here in 2013 so Zero income .. just lived off cash i brought with me and then money out of the machine till FEB 2014


As far as I am aware the money you brought with you and drew from ATM's is all 'Monies remmitted to Malta' and therefore liable to tax.

Ray


thats correct, if its income
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Re: Malta Tax Year

Postby ozzy » Mon 5 Oct 2015 15:36 GMT

It was income from a UK bank acc and has already been taxed at source and interest is taxed on it in the UK ... so that would be double taxation on the same monies .... i can see that it is right to pay tax on money paid direct into a bank here as it hasn't been taxed anywhere else .. i'm no expert but that dosnt seem right and the tax office didn't seem to be worried about that money ... just put down zero income for the 3 months
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Re: Malta Tax Year

Postby gozomark » Mon 5 Oct 2015 15:59 GMT

even if already taxed, its still declarable, and can then inform them of the tax already paid on it, and offset that, ubnder double taxation agreement - bear in mind have tax free allowance here anyway
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Re: Malta Tax Year

Postby gozomark » Mon 5 Oct 2015 16:01 GMT

there is also the argument that you werent tax resident anyway, as you can be resident (which by applying for an eResidence card you are stating you consider yourself resident), but not tax tesident (here over 6 months in tax year)
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Re: Malta Tax Year

Postby PeaCakes » Thu 8 Oct 2015 19:02 GMT

It's all a bit confusing really. I am now in receipt of UK pension......just!!
My last two years tax returns were "nil". We were living from capital.
So now if I transfer funds from the UK to Malta are they capital or earnings (pensions)?
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Re: Malta Tax Year

Postby gozomark » Thu 8 Oct 2015 21:28 GMT

PeaCakes wrote:It's all a bit confusing really. I am now in receipt of UK pension......just!!
My last two years tax returns were "nil". We were living from capital.
So now if I transfer funds from the UK to Malta are they capital or earnings (pensions)?


The taxman will generally assume the worst case scenario for you - this is why having separate accounts for capital and income is useful, as makes it much clearer
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