30th April 2024 Deadlines
Income from part-time self-employment and employment
Eligible individuals deriving income from part-time self-employment may opt to benefit from a flat rate of income tax of 10% on the first €12,000 of the net profit. Any profits in excess of €12,000 or profits from part-time self-employment that do not qualify under the part-time rules are to be declared in the tax return.
Self-employed individuals opting for this tax treatment for basis year 2023, are required to prepare and submit TA22 form and settle the tax payment due, by no later than the 21 December 2024.
Similarly, eligible individuals having a part-time employment, who may have not elected and instructed their employer to have the eligible part-time income earned during the 2023 taxable year to be taxed at the reduced rate of 10%, may still opt to benefit from the flat rate of tax of 10% on the first €10,000 of income arising from their part-time employment.
Employed individuals who wish to opt for this tax treatment for basis year 2023, but did not inform their employer, are required to prepare and submit TA23 form, by no later than the 30 April 2024.
Rental income
Taxpayers who derived rental income on commercial and residential rents may opt to be taxed on the gross income at a flat rate of 15%, by filing the TA24 return, together with payment by 30 April 2024.
The option to be taxed at a flat rate of 15% is available to both individual and corporate taxpayers, whether resident in Malta or otherwise. Nonetheless, a taxpayer may still opt to declare the rental income in the income tax return, subject to the progressive rates of income tax in the case of an individual, or standard 35% tax rate in the case of corporate taxpayers, and avail of certain deductions.
Persons who derived rental income from a long private residential lease of at least two years duly registered as such, are eligible for a tax rebate. This rebate may be claimed through the prescribed return.
Income from artistic activities
As from basis year 2023, income derived from eligible artistic activities conducted on a self-employed basis for an artistic purpose, the individual is eligible for a reduced flat rate of income tax of 7.5%. The reduced rate of income tax is applicable only on the first €50,000 of income, and subject to having duly applied with Arts Council Malta. A list of eligible artistic activities has been published by Arts Council Malta.
An application to seek approval to apply the reduced rate of income tax by the individual with Arts Council Malta is required to be submitted by 15 April 2024. The approved applicants are then required to prepare and submit the TA26 return and settle the tax payment due, by no later than 30 April 2024.
Provisional tax and social security contributions
Taxpayers who may be requested to pay provisional tax by the Commissioner for Tax and Customs are expected to settle the payment by the 30 April 2024.
Beneficiaries in terms of the High Net Worth Individuals Rules, the Malta Retirement Programme Rules, the Residence Programme Rules, the Global Residence Programme Rules and the United Nations Pensions Programme Rules are required to settle the minimum amount of tax payable in terms of the respective rules, also by 30 April 2024.
Self-employed and self-occupied individuals need also settle their first payment of Class 2 Social Security Contributions with respect to year 2024, by 30 April 2024.
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